Prime Highlights:

The Public Investment Fund of Saudi Arabia plays a significant role in the transformation of the Kingdom to reduce dependence on oil and diversify the economy.

PIF’s assets under management stand at $925 billion. Thus, it is rated as one of the world’s most powerful sovereign wealth funds.

PIF launched Alat in February to put Saudi Arabia on a map as a hub for sustainable tech manufacturing, with a giant deal along with Lenovo Group worth $2 billion.

Key Background:

The Public Investment Fund (PIF) has further solidified its central role in Saudi Arabia’s economic transformation, driving efforts to reduce dependence on oil by expanding diversified revenue streams. With assets totaling $925 billion, PIF is recognized as one of the world’s largest and most influential sovereign wealth funds. Throughout 2024, PIF made strategic investments across multiple sectors, including technology, infrastructure, sustainability, and culture, in alignment with Saudi Arabia’s Vision 2030 agenda to foster a diversified economy.

One of the notable achievements by PIF is Alat, founded this February to make Saudi Arabia a global leader in sustainable technology production. A significant partnership agreement was secured with Lenovo Group in May through an investment of $2 billion, which exemplifies how the influence of the country is rising in the tech sphere. This initiative supported the development of regional headquarters and manufacturing hubs, as well as new ventures in electrification and AI infrastructure in response to growing global demand for renewable energy and AI solutions.

To support more role for Saudi Arabia in the commercial satellite and space technology, PIF launched Neo Space Group in May in the space industry. A significant move occurred in December when Neo Space Group acquired UP42 that further enhanced the geospatial capacity for the Kingdom while keeping it aligned to the broader objectives of achieving further development for space exploration and technology within Vision 2030.

PIF also expanded its cultural outreach by establishing National Interactive Entertainment Co. (QSAS) in September, to develop immersive experiences based on Saudi heritage. The company also partnered with Google Cloud to establish an AI hub in Dammam, which is estimated to generate thousands of jobs and $71 billion in economic impact, according to a report in October.

The additional infrastructural investments included the inauguration of Smart Accommodation for Residential Complexes Co. (SAARC) in October, as it aims to meet accommodation requirements relating to large-scale projects being executed. Internationally, PIF agreed and acquired different partnerships, which include major equity share in Brookfield Asset Management’s $2 billion fund as well as investment in MBC Group worth $1.99 billion in pursuit of global footprints. These are efforts that PIF continuously moves towards the goals of

Vision 2030. They are demonstrations of a strong commitment towards the development of a diversified, sustainable economy in competition with others.