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Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is expected to unveil its new 2026-2030 strategy later this week, according to sources familiar with the matter. The revised five-year roadmap for the USD 925 billion fund is understood to place stronger emphasis on industrial development, minerals, artificial intelligence and tourism, while scaling back or restructuring some high-cost real estate mega projects. Sources said the strategy was soft-launched with key investors and partners on the sidelines of a Riyadh conference earlier this week. The new approach is also expected to prioritise attracting capital from major global asset managers, reflecting growing fiscal pressures amid lower oil prices. The recalibration marks a notable shift within Saudi Arabia's Vision 2030 programme, under which several mega projects are currently under review.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is set to unveil its new strategy covering the 2026-2030 period later this week, according to people with direct knowledge of the development. The fund, which manages assets worth around USD 925 billion, is expected to outline a revised roadmap that reflects changing economic priorities and fiscal conditions. Advertisement
Sources said the PIF had already soft-launched its five-year strategy with select investors and strategic partners on the sidelines of a Riyadh conference earlier this week. The discussions were described as preliminary engagements aimed at outlining the broad direction of the fund's next phase.
According to those familiar with the matter, the revised strategy will place increased emphasis on developing industry, minerals and artificial intelligence, alongside continued focus on tourism. At the same time, the PIF is expected to scale back, and in some cases reconfigure, a number of capital-intensive real estate mega projects that have formed a central part of Saudi Arabia's economic transformation drive over the past decade.
One source indicated that the new blueprint would prioritise attracting capital into the kingdom from major global asset managers. This shift is understood to reflect mounting fiscal pressures as oil prices remain below the levels required to comfortably fund the scale of investments envisaged under Saudi Arabia's long-term transformation agenda.
The changes mark the most significant recalibration so far of Vision 2030, Crown Prince Mohammed bin Salman's flagship economic reform programme. Vision 2030 has previously been characterised by a strong focus on large, futuristic developments intended to diversify the economy away from hydrocarbons.
Several of these mega projects have faced delays and rising costs. Developments such as The Line, a proposed futuristic city stretching 170 km through the desert, and Trojena, a planned winter sports destination, have encountered execution challenges. More recently, a large cube-shaped skyscraper planned for Riyadh has been suspended.
Sources said the Saudi government is currently undertaking a comprehensive review of multiple Vision 2030 mega projects to assess timelines, costs and strategic alignment. The revised PIF strategy is expected to reflect the outcome of this broader reassessment, with a sharper focus on sectors viewed as offering scalable growth, technology leadership and stronger returns over the medium term.
Source - Reuters
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