The Public Investment Fund's 2025 results show revenue up 9% to $120 billion and net profit more than doubling to $17 billion, with assets under management above $900 billion against $530 billion in 2021, annualised total shareholder return of 5.8% since 2017, 80% of assets held domestically and 55% in alternatives. PIF put its contribution at 11% of Saudi non-oil GDP in 2025 and $342 billion cumulatively from 2021 to 2025, with $199 billion deployed domestically over that period and international investments up 12% in 2025.
Revenue grew 9% and profit more than doubled, and the gap is portfolio companies beginning to pay out, not the fund's businesses running twice as well. The maturation of the new strategy is built on, showing up before the strategy did.
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Brussels clears the path for EA
PIF's consortium set to win EU approval for the $55bn EA take-private — history's largest LBO — merger clearance due 22 July, subsidy review closes 30 July.
The takeaway: $55bn for a games company is the clearest statement yet that entertainment is not a side bet, gaming is a Saudi strategic asset class.
SR 3.6bn, 2,505 apartments, one fund
Alramz Real Estate established a Shariah-compliant fund of more than SR3.6bn, managed by SNB Capital, with Alramz holding 100% of the units. The vehicle covers a 90,000+ sqm site in Al Raed district, Riyadh. 2,505 residential apartments plus commercial space, on a development contract worth roughly SR1.2bn, with 10% development fees and 2.5% marketing fees over an approximately five-year term.
2,505 units delivered into a market where new residential mortgage lending has roughly halved year on year. The build is a five-year bet that the financing side normalises well before handover, and that is the assumption to interrogate, not the design.
PIF's $2.4 billion half
Lucid announced $1.4 billion in identified cost cut as H1 2026 losses widened 50% to $2.4 billion from $1.6 billion a year earlier. H1 production was 10,274 vehicles against a full-year target of 25,000–27,000. Shares fell 9% after the announcement.
The second half now needs to roughly double the first, and $1.4 billion in cuts does not close a $2.4 billion gap on its own, production is the real test here, not the balance sheet.
