Saudi PIF assets reach $910 billion in 2025, below Vision 2030 target

DUBAI - Saudi Arabia's Public Investment Fund had preliminary assets under management of $910 billion at the end of 2025, below its $1.09 trillion target, according to the Vision 2030 report released on Tuesday.

The report also showed real non-oil GDP reached $892 billion, missing the $904 billion target, and foreign direct investment represented 2.8% of GDP, compared with a 3.4% goal.

The narrow misses reflect the immense scale of the economic overhaul Saudi Arabia has undertaken. Observers point out that while the numbers landed below the highly optimistic goals set in the original Vision 2030 roadmap, achieving a $910 billion sovereign war chest and nearly $900 billion in non-oil economic activity still marks a historic transformation for the historically oil-dependent economy.

Headwinds on the Road to 2030

The slight shortfall in PIF asset accumulation comes amid a recalibration of massive "giga-projects" across the kingdom. Over the past year, Riyadh has quietly adjusted timelines and spending structures for some of its most capital-intensive developments to better match fluctuating oil revenues and ensure long-term fiscal sustainability.

Attracting foreign direct investment has also proven to be a persistent challenge. While international firms have expanded their presence in Riyadh—largely driven by regional headquarters mandates—the broader global macroeconomic environment has kept cross-border capital flows into the kingdom's newer industrial and entertainment sectors below initial hopes.