As the Public Investment Fund (PIF) expands its investments in the United States beyond $170 billion, a defining feature of the deepening strategic partnership between Riyadh and Washington is coming into sharper focus.
With Washington preparing to welcome Crown Prince Mohammed bin Salman on November 18, attention is turning to the pivotal role played by PIF – now one of the world’s most influential sovereign funds and a core driver of Saudi Arabia’s economic transformation under Vision 2030. PIF, which expects its assets under management to reach $1 trillion by the end of this year, aims to generate sustainable returns while reshaping the Kingdom’s economy and contributing to future global growth.
According to its official disclosures, the Fund has launched more than 100 new companies and created over 1.1 million direct and indirect jobs inside and outside Saudi Arabia in the past seven years.
In Washington last week, US Treasury Secretary Scott Bessent met with PIF Governor Yasir Al-Rumayyan to discuss expanding the Fund’s American investments. “We discussed opportunities for Saudi Arabia’s Public Investment Fund to boost significant investment into America, fostering economic growth and building long-lasting ties between our two countries,” Bessent wrote on X.
The meeting highlighted the resilience of Saudi-US economic ties, even after PIF reduced some exposure to US equities in the third quarter by exiting nine publicly traded companies, as reported by Bloomberg.
Strong Growth Outlook
Tim Callen, a visiting fellow at the Arab Gulf States Institute in Washington, told Asharq Al-Awsat that the US–Saudi economic relationship is showing renewed momentum, with American exports to the Kingdom increasing and several trade and investment deals under way. He expected the partnership to strengthen further over the next five years, driven by aligned strategic interests and the strong relationship between the US president and the Saudi crown prince.
Callen noted that Washington is seeking to expand its exports and encourage greater Saudi investment in US companies, while Riyadh aims to deepen access to American technology and innovation to support its ambitious reforms. He added that US investment in Saudi Arabia is also poised for strong growth, supported by an improving investment climate, competitive energy costs, and ample land for fast-expanding technology and artificial-intelligence sectors.
America, PIF’s Largest Foreign Investment Destination
The United States remains PIF’s largest overseas investment market. Since 2017, the Fund has injected roughly $170 billion into the American economy through direct and indirect investments, procurement, and partnerships, helping create an estimated 172,000 jobs across multiple sectors.
Its presence is evident in key US industries. In aviation, PIF-owned Riyadh Air placed an order for up to 72 Boeing aircraft, giving a substantial boost to the US aerospace sector. In cloud technology, PIF is working with Amazon Web Services, Microsoft, Oracle, and Google Cloud to expand digital infrastructure.
PIF has also deepened its ties with major American financial institutions, including Goldman Sachs, Brookfield, and BlackRock. In 2024, the Fund announced a $5 billion initial investment with BlackRock to establish BlackRock Riyadh Investment Management, aimed at attracting new capital to the Kingdom and offering US firms expanded access to regional opportunities.
Shaping Innovation in Sports, Technology, and Sustainability
Beyond traditional finance, PIF is reshaping global innovation across sports, gaming, and sustainability. In tennis, the Fund supports both the Miami Open and Indian Wells, and helped introduce the world’s first paid maternity program for professional players. In gaming, PIF led a $55 billion investment consortium to acquire Electronic Arts, marking the largest leveraged buyout in the sector’s history.
The Fund is also a major backer of Formula E, including the Miami E-Prix, highlighting its commitment to electric mobility and clean-energy racing.
In science and education, PIF’s E360 program and its US partnership support the Driving Force STEM initiative, now engaging 54,000 students across the United States and other countries.
Speaking at the US Business Forum in Miami, Fahad Al-Saif, head of PIF’s investment strategy, economic studies, and global investment finance, said sovereign funds have evolved from passive asset managers into active architects of global economic shifts. He emphasized that Vision 2030 redefined PIF’s mission around building the national economy, maximizing assets, and safeguarding intergenerational wealth.
He noted that PIF is concluding its 2021–2025 strategy and moving into a new five-year phase focused on integrating its work across six core ecosystems, including tourism and entertainment, advanced manufacturing, logistics, sustainable energy, infrastructure, and NEOM.
Saudi Arabia, he said, has raised its non-oil GDP share to over 55 percent, grown foreign direct investment by 37 percent year-on-year, and lifted non-oil revenue to 49.7 percent of total income.