What It Means
What is confirmed
Use PIF’s portfolio pages as the first lookup layer, then verify each company through annual reports, exchange disclosures, regulator notices, and company filings. A PIF-linked name can be a wholly owned subsidiary, controlled company, listed majority stake, listed minority stake, joint venture, fund investment, startup exposure through Sanabil, or merely a company that works with PIF. That distinction matters for investors: “PIF portfolio company” does not automatically mean a stock is publicly tradable, suitable for investment, or owned 100% by PIF. This page groups confirmed subsidiaries, investees, listed companies, startups, strategic assets, and exclusions so readers can avoid overclaiming ownership [S1] [S2].
PIF’s official materials confirm that the fund maintains investments across Saudi Arabia and internationally, uses active ownership and patient capital, and organizes its investments across Vision, Strategic, and Financial portfolios [S1]. PIF’s 2024 annual report release reported assets under management of $913 billion at year-end 2024, a 19% increase, and cumulative investments in priority sectors above $171 billion since 2021 [S2].
The safest lookup rule is simple: treat the PIF website as an official directory, but treat it as a starting point rather than a live ownership register. For any listed company, current ownership and investability must be checked through the relevant exchange, prospectus, annual report, or regulatory filing.
Why it matters now
Reader demand around this page mixes several intents:
| Reader intent | Typical query | What the page should do |
|---|---|---|
| Ownership lookup | PIF portfolio company lookup, list of investment companies, publicly owned companies | Classify the relationship and show the verification source |
| Investment research | best companies to invest in 2025, best company to invest in, companies that are good to invest in | Explain investability checks without recommending securities |
| Company validation | depa, asfar, d360 bank, elm company, safe security company, helicopter company, stc company, dan company, diriyah company | Confirm whether the name has a disclosed PIF link |
| Confusion cleanup | international petroleum investment company, audi company which country, arab bank company, what company is mcm | Exclude or redirect the query when it is not a confirmed PIF portfolio-company lookup |
| Startup and fintech research | Sanabil startups, evaluate the fintech company Stera on instant transfers | Separate official PIF/Sanabil exposure from unsupported private-company claims |
The investor problem is not finding a long list of names. The problem is knowing whether a name is official, current, investable, and material.
What is not disclosed
PIF does not publish a real-time cap table for every portfolio company, subsidiary, fund interest, or co-investment vehicle. Some private companies disclose no full financial statements. Some holdings are indirect through subsidiaries, special-purpose vehicles, or investment companies. Some listed stakes change through secondary offerings, rights issues, private placements, asset transfers, or dilution. The absence of a name from one official page is not proof that no relationship exists, and the presence of a name is not proof of full ownership.
For that reason, this page avoids three common errors:
| Error | Better treatment |
|---|---|
| Calling every PIF-linked company “owned by PIF” | State the exact disclosed relationship when available |
| Treating PIF backing as an investment recommendation | Separate ownership from valuation, liquidity, and risk |
| Folding unrelated high-volume keywords into the page | Mark exclusions clearly rather than forcing them into copy |
PIF Role And Mandate
Ownership/governance
PIF is Saudi Arabia’s sovereign wealth fund and acts through direct investments, wholly owned companies, listed stakes, co-investment platforms, international holdings, and subsidiaries. The PIF site states that its governance and investment decisions are underpinned by a framework aligned with international best practices and the Santiago Principles, and its 2026-2030 strategy emphasizes governance, transparency, investment efficiency, private-sector participation, national champions, and global partnerships [S3] [S4].
Ownership terms are company-specific. A PIF portfolio page may show a company as part of the Vision, Strategic, or Financial portfolio. A listed-company annual report may identify PIF as a shareholder. A filing may identify a PIF affiliate rather than PIF itself. The legal and economic result can differ in each case.
| Relationship type | What it usually means | Example handling |
|---|---|---|
| Wholly owned company | PIF owns the company through a direct or disclosed vehicle | Say “wholly owned” only when the source says so |
| PIF portfolio company | The company appears on PIF’s portfolio pages | Cite PIF and avoid assuming 100% ownership |
| Listed majority stake | PIF has control or a large disclosed stake in a listed issuer | Verify through annual reports and exchange filings |
| Listed minority stake | PIF is a material shareholder but not necessarily the controller | Include percentage and filing date if available |
| Fund or startup exposure | PIF or Sanabil invests through funds, direct deals, accelerators, or growth platforms | Do not present every startup as a PIF subsidiary |
| Partner or supplier | The company works with PIF or a portfolio company | Do not classify as a PIF holding without ownership evidence |
Capital allocation logic
PIF’s own investment page describes six investing principles: scale with purpose, active ownership, patient capital, conviction and selectivity, catalyzing ecosystems, and partnerships that deliver [S1]. Those principles explain why a PIF lookup page should be organized by role rather than alphabetically only.
The portfolio is not merely a passive securities book. It includes national development platforms, giga-project-adjacent companies, listed Saudi equities, international strategic investments, financial institutions, tourism developers, mobility companies, sports and entertainment assets, infrastructure vehicles, venture and growth exposure, and technology platforms. PIF’s 2026-2030 strategy continues the shift from rapid asset growth toward sustained value creation, stronger investment efficiency, and deeper private-sector participation [S3].
For market readers, the capital-allocation question is: “What job does this company do in the portfolio?” A tourism developer, digital bank, listed telecom, interior contractor, cybersecurity services provider, and venture-capital platform should not be analyzed with the same lens.
Vision 2030 objective
PIF’s Vision 2030 role is to build competitive domestic ecosystems, develop national champions, form global partnerships, support priority sectors, and generate sustainable returns [S2] [S3]. Portfolio companies are therefore both commercial entities and policy instruments. That dual role can create opportunity, but it also creates governance, disclosure, subsidy, execution, and reputation questions that are not visible from a company name alone.
The practical test is whether the company advances one or more of these objectives:
| Objective | Lookup signal |
|---|---|
| Sector creation | New company formation in tourism, mobility, finance, technology, logistics, recycling, or culture |
| National champion scale-up | Listed or private company with a mandate to scale beyond Saudi Arabia |
| Financial return | Listed securities, private equity stakes, international holdings, and monetizable assets |
| Private-sector crowd-in | Joint ventures, co-investment models, supplier platforms, and franchise structures |
| Strategic capability | AI, digital infrastructure, aerospace, food security, renewables, security services, and industrial localization |
Timeline And Evidence
Announcement chronology
This chronology is a verification map, not a complete ownership register.
| Date | Event | Lookup relevance |
|---|---|---|
| 1971 | PIF was established under Royal Decree, according to PIF history and financial-statement materials [S5] | Establishes institutional origin |
| 2019 | SAFE was established as a PIF portfolio company licensed by the Higher Commission for Industrial Security [S11] | Example of a private operating company |
| 2019 | The Helicopter Company was launched as Saudi Arabia’s first national commercial helicopter operator [S12] | Example of a services platform tied to tourism, events, and mobility |
| 2022 | D360 Bank was established with PIF and Derayah among investors, according to the PIF portfolio page [S7] | Example of a fintech and banking lookup |
| 2022 | Elm listed on the Saudi Exchange after issuing 24 million shares, representing 30% of share capital [S9] | Example of a PIF-backed company becoming publicly traded |
| 2022 | Diriyah Company was established as a PIF company responsible for developing the Diriyah project [S14] | Example of a strategic destination company |
| 2023 | ASFAR was announced to invest in tourism projects and destinations across Saudi cities [S6] | Example of a wholly owned tourism investment company |
| 2023 | Dan Company was established for agritourism, adventure tourism, and ecotourism [S13] | Example of a private tourism platform |
| 2023 | A 4% Saudi Aramco stake was transferred to Sanabil, a wholly owned PIF company [S15] | Example of indirect strategic asset holding |
| 2024 | An additional 8% of Saudi Aramco shares was transferred to PIF’s fully owned companies [S16] | Example of state asset transfer into PIF-linked vehicles |
| 2024 | PIF sold 100 million stc shares and stated that its remaining stake equaled 62% of issued share capital [S10] | Example of listed-stake monetization with retained control |
| 2024 | SAMA granted D360 Bank no objection to commence banking operations [S8] | Example of regulator validation after company formation |
| 2025 | PIF published 2024 annual-report results showing $913 billion in AuM and $171 billion in cumulative priority-sector investments since 2021 [S2] | Portfolio-scale context |
| 2026 | PIF’s board approved the 2026-2030 strategy [S3] | Current strategic frame |
Current status table
| Name or query | Current classification for this page | Investability note | Source confidence |
|---|---|---|---|
| ASFAR | PIF portfolio company; PIF describes ASFAR as wholly owned and established for tourism investment [S6] | Private company; no direct public equity route identified from official sources | High |
| D360 / D360 Bank | PIF portfolio company and digital bank with PIF and Derayah among investors; SAMA no-objection for operations in December 2024 [S7] [S8] | Bank service provider, not a listed security in the cited sources | High |
| Elm Company | PIF-owned digital-services company at IPO; listed on Saudi Exchange with 30% of share capital issued in 2022 [S9] | Listed company; current shareholding should be checked through Saudi Exchange and Elm reports | High |
| stc Company | Listed telecom; PIF disclosed a remaining 62% stake after a 2024 share sale [S10] | Listed on Saudi Exchange; valuation and foreign access require separate research | High |
| Alinma Bank | Listed Saudi bank; 2024 annual report identifies PIF as a 10% shareholder [S19] | Listed on Saudi Exchange; not a PIF subsidiary based on cited evidence | High |
| Kingdom Holding Company | Listed investment holding company; Kingdom Holding’s 2024 annual report notes PIF’s 16.87% acquisition [S21] | Listed; not a PIF subsidiary based on the minority-stake structure | High |
| Depa | PIF portfolio page identifies Depa; Depa 2024 materials report PIF as a significant shareholder owning 54.81% of issued share capital [S18] | Public-market access depends on the trading venue and current market status | High |
| SAFE Security Company | PIF portfolio company established in 2019 and licensed by the Higher Commission for Industrial Security [S11] | Private company; not a public stock in cited sources | High |
| The Helicopter Company | PIF-launched national commercial helicopter operator [S12] | Private company; use as operating-platform lookup, not stock lookup | High |
| Dan Company | PIF company focused on agritourism, adventure tourism, and ecotourism [S13] | Private company; no direct public equity route in cited sources | High |
| Diriyah Company | PIF company responsible for developing Diriyah project [S14] | Private development company; project exposure may be indirect through contractors and suppliers | High |
| Sanabil Investments | PIF-owned financial investment company with venture, growth, and private-investment exposure [S15] | Startup exposure is usually indirect and private, not direct retail ownership | High |
| Saudi Aramco | Strategic listed asset with PIF-linked transferred stakes, including transfers to Sanabil and PIF-owned companies [S15] [S16] | Listed company, but state and PIF-linked ownership structures must be read carefully | High |
| Lucid Group | Publicly listed U.S. EV company with PIF affiliate Ayar as majority shareholder in company disclosures [S17] | Listed on Nasdaq; high risk, dilution and EV-sector fundamentals require separate analysis | High |
| International Petroleum Investment Company | UAE legacy entity associated with Mubadala/Abu Dhabi context, not a Saudi PIF portfolio company in cited sources | Exclude from PIF lookup unless a specific PIF transaction is documented | Exclusion |
| Audi company which country | Audi is a German automotive brand, not a PIF portfolio-company lookup in cited sources | Exclude from PIF page except as a search-intent cleanup | Exclusion |
| Arab Bank company | Generic banking query; no confirmed PIF portfolio relationship from cited sources | Exclude unless a specific Saudi/PIF filing is supplied | Exclusion |
| PEO companies Middle East/GCC/MENA | Employer-of-record and HR services query, not a PIF ownership query | Exclude from ownership table; may belong on market-entry pages | Exclusion |
| Stera fintech instant transfers | No confirmed PIF portfolio-company relationship found in the cited source set | Exclude from PIF classification; evaluate separately on product, license, and payment-rail evidence | Exclusion |
| MCM | Ambiguous acronym; no confirmed PIF portfolio-company relationship from cited sources | Exclude unless the user identifies the company and jurisdiction | Exclusion |
Update triggers
Update this page when any of the following occur:
| Trigger | Why it matters |
|---|---|
| New PIF annual report or financial statements | Portfolio scale, AuM, consolidation, and strategy may change [S2] [S5] |
| New PIF portfolio page or press release | Confirms a new company, sale, transfer, or strategic platform [S1] |
| Saudi Exchange announcement or company annual report | Updates listed ownership, IPO status, free float, and corporate actions [S20] |
| Regulator action | Matters for banks, fintech, insurance, aviation, security, and capital-market entities [S8] |
| IPO, secondary offering, rights issue, or private placement | Changes public investability or ownership percentage |
| PIF strategy update | Changes the mandate lens for sector prioritization [S3] |
| Major asset transfer | Can move state assets into PIF-linked entities, as with Aramco shares [S15] [S16] |
Strategic Logic
Economic diversification
PIF portfolio companies are best understood as sector platforms. The important question is not “How many companies are in the PIF portfolio?” but “Which economic capacity is the company intended to build?”
ASFAR and Dan sit in tourism and local destination development. Diriyah Company is a heritage, real-estate, and destination-development platform. SAFE sits in security services. The Helicopter Company supports aviation services, tourism, events, emergency response, and premium mobility. D360 sits in digital banking. Elm sits in digital services and government-linked technology. Sanabil covers private-market and startup exposure. stc and Alinma are listed financial and communications assets that should be analyzed with public-market discipline [S6] [S7] [S9] [S10] [S11] [S12] [S13] [S14] [S15] [S19].
This is why generic “largest investment companies” or “best company to invest in” searches need caution. PIF is one of the world’s largest sovereign wealth funds, but the relevant investor question is not its size alone. It is whether a specific company has public shares, current disclosure, a credible business model, and risks that fit the investor’s mandate.
Soft power and global positioning
PIF-linked companies can create soft-power effects even when their direct financials are private. Tourism, aviation, sport, culture, gaming, and destination development help shape how Saudi Arabia presents itself to investors, visitors, founders, athletes, and media. Diriyah, ASFAR, Dan, The Helicopter Company, and similar companies should therefore be assessed as part of a national positioning strategy as well as businesses [S6] [S12] [S13] [S14].
That creates upside and scrutiny. A destination company may unlock hotels, suppliers, SMEs, construction packages, and employment. It may also face delivery risk, heritage-protection risk, environmental questions, labor scrutiny, and demand uncertainty. The fact that PIF is involved can raise the strategic importance of an asset, but it does not eliminate commercial risk.
Industrial or technology capability
Technology and industrial capability require a different lookup test from tourism. A company like Elm can be assessed through listing documents, revenue, contracts, and Saudi Exchange disclosures. A digital bank like D360 should be assessed through licensing, product launch, deposit protection framework, customer adoption, and regulatory notices. Venture exposure through Sanabil should be assessed as private-market exposure, not as evidence that every startup in Sanabil’s network is a PIF subsidiary [S7] [S8] [S9] [S15].
For startups, the lowest-risk wording is: “PIF exposure may be direct, through Sanabil, through a fund commitment, or through a program.” Do not say “PIF owns the startup” unless a filing or official source states that.
For listed technology or mobility names, including Lucid, use securities filings and company announcements. Lucid has disclosed Ayar Third Investment Company, an affiliate of PIF, as its majority stockholder in connection with several financings [S17]. That makes Lucid a relevant PIF-linked listed company, but not a low-risk investment conclusion.
Risk And Reality Check
Execution risk
A portfolio company can have sovereign backing and still miss milestones, consume capital, dilute shareholders, struggle with demand, or face regulatory delays. The correct question is not “Is this a PIF company?” but “What operating evidence exists?”
Use this checklist:
| Check | What to verify |
|---|---|
| Legal status | Is it incorporated, licensed, listed, or only announced? |
| Ownership | Is PIF direct owner, indirect owner, minority shareholder, majority shareholder, or investor through a subsidiary? |
| Commercial model | Does the company sell to consumers, government, other PIF companies, global customers, or contractors? |
| Disclosure | Are financial statements, annual reports, prospectuses, or regulator notices available? |
| Delivery | Has the company opened operations, sold products, won contracts, launched destinations, or completed assets? |
| Dependency | Is the business dependent on state contracts, PIF capital, subsidies, or regulatory protection? |
Financial uncertainty
Private PIF companies often do not publish full financial statements. Even when PIF publishes consolidated financial statements, that does not provide company-by-company valuation for every subsidiary or investee. PIF says its consolidated statements are prepared under IFRS endorsed in Saudi Arabia and published annually in connection with London Stock Exchange listing regulations for debt instruments issued by PIF-related entities [S5].
For “best companies to invest in 2025” and “what are the best companies to invest in” queries, the responsible answer is not a ranked list. It is a screening process:
| Screen | Why it matters |
|---|---|
| Public listing | Private PIF companies usually cannot be bought directly by retail investors |
| Liquidity | A listed name may still have limited free float or broker restrictions |
| Foreign ownership | Saudi and international securities can have jurisdiction-specific limits |
| Valuation | PIF backing does not determine whether the stock is cheap or expensive |
| Dilution | Capital-intensive companies may issue new shares or convertible securities |
| Governance | Related-party transactions and state objectives can affect minority shareholders |
| Compliance | Islamic finance, sanctions, ESG, data, and sector regulation may matter |
This page is not investment advice. It is a verification framework for researchers deciding what to investigate next.
Reputation and geopolitical risk
International partners, suppliers, banks, LPs, founders, journalists, and public-market investors often diligence PIF-linked companies for reputation, data, governance, procurement, human-rights, sanctions, defense, cybersecurity, and geopolitical exposure. Those concerns vary by sector. A digital bank raises data, compliance, and consumer-protection questions. A security company raises licensing and public-safety questions. A tourism company raises development, heritage, labor, and environmental questions. A global listed holding raises securities-law and minority-shareholder questions.
The practical remedy is sourcing discipline. Use official PIF and company sources for ownership and mandate. Use regulators for licensing. Use exchange filings for public securities. Use reputable independent reporting only for controversies, undisclosed terms, or disputed claims.
FAQ
Primary keyword answer
The primary lookup answer is: PIF portfolio companies should be verified through PIF’s official portfolio pages, PIF annual reports, PIF financial statements, company annual reports, regulator notices, and exchange filings. Some names are wholly owned PIF companies, some are listed stakes, some are strategic assets, some are startup or fund exposures through Sanabil, and some search queries are unrelated exclusions [S1] [S2] [S5].
Supporting query answers
What is the official PIF portfolio company list?
The official starting point is PIF’s portfolio page and annual-report library [S1] [S2]. It is not enough for ownership percentages. For listed companies, use Saudi Exchange, company annual reports, prospectuses, and corporate announcements [S20].
Is ASFAR a PIF company?
Yes. PIF’s portfolio page describes ASFAR as the Saudi tourism investment company, wholly owned by PIF, established in 2023 to help shape Saudi Arabia’s tourism landscape [S6].
Is D360 Bank a PIF company?
D360 Bank is a PIF portfolio company, with PIF and Derayah Financial Company among the investors identified by PIF. SAMA granted D360 a no-objection to commence banking operations in December 2024 [S7] [S8].
Is Elm Company a PIF portfolio company?
Elm was described by PIF as PIF-owned when it listed on the Saudi Exchange in February 2022. The IPO issued 24 million shares, representing 30% of share capital, so current ownership should be checked against the latest Elm and Saudi Exchange filings [S9] [S20].
Is stc a PIF company?
stc is a listed Saudi telecom company. PIF stated in November 2024 that, after selling 100 million shares, its remaining stake equaled 3.1 billion shares, or 62% of stc’s issued share capital [S10]. It should be treated as a listed company with PIF as controlling shareholder, not as a private subsidiary.
Is Alinma Bank a PIF portfolio company?
Alinma Bank is a listed Saudi bank. Its 2024 annual report identifies PIF as a 10% shareholder [S19]. That is different from being a PIF subsidiary. Investors should check current Saudi Exchange and bank disclosures before using the percentage.
Is Depa a PIF portfolio company?
Yes, Depa appears on PIF’s portfolio pages. Depa’s FY 2024 materials also identify PIF as a significant shareholder owning 54.81% of issued share capital [S18]. Because Depa is not a Saudi main-market stock, investability requires venue-specific research.
Is SAFE Security Company a PIF company?
PIF identifies National Security Service Company, or SAFE, as a PIF portfolio company established in 2019 and licensed by the Higher Commission for Industrial Security [S11].
Is The Helicopter Company a PIF company?
PIF announced the launch of The Helicopter Company in 2019 as the first national commercial helicopter operator in Saudi Arabia [S12]. It is relevant to tourism, aviation, premium mobility, and event logistics research.
Is Dan Company a PIF company?
Yes. PIF’s portfolio page describes Dan Company as a PIF company focused on agritourism, adventure tourism, and ecotourism [S13].
Is Diriyah Company a PIF company?
Yes. PIF’s portfolio page describes Diriyah Company as one of PIF’s companies and says it is responsible for developing the Diriyah project [S14].
Are Sanabil startups PIF subsidiaries?
Usually no. Sanabil is a PIF-owned financial investment company with direct investments, venture and growth funds, private equity funds, accelerators, and venture studio exposure [S15]. A startup in a Sanabil-linked portfolio should not be called a PIF subsidiary unless a direct ownership source says so.
What are the best companies to invest in 2025?
This page does not rank stocks. For any “best company to invest in” query, first determine whether the company is publicly listed, whether PIF ownership is direct or indirect, what the latest filings say, whether the security is liquid, and whether the risks fit the investor’s mandate.
Are PIF portfolio companies publicly owned companies?
The phrase “publicly owned companies” is ambiguous. If it means state-owned, some PIF companies are state-backed through PIF. If it means publicly traded, only some PIF-linked companies have listed shares. Examples in this page include stc, Elm, Alinma Bank, Saudi Aramco, Lucid, and Depa, subject to venue and current filing checks [S9] [S10] [S16] [S17] [S18] [S19].
Where can I find a publicly traded company list?
Use the relevant exchange and company filings rather than a blog list. For Saudi-listed names, start with Saudi Exchange issuer pages and announcements. For U.S.-listed names such as Lucid, use SEC filings and company investor-relations releases [S17] [S20].
How do I invest in oil companies linked to PIF?
Do not assume PIF ownership creates a direct route. Saudi Aramco is listed, and PIF-linked entities have received transferred Aramco shares, but investors still need broker access, jurisdiction checks, valuation work, and risk analysis [S15] [S16].
Is Saudi Aramco a PIF subsidiary?
No. Saudi Aramco remains a listed company with the Saudi state as the dominant shareholder. PIF and PIF-owned companies hold transferred stakes, including the 2023 transfer to Sanabil and the 2024 transfer to PIF fully owned companies [S15] [S16].
Is Kingdom Holding Company a PIF company?
Kingdom Holding Company is best treated as a listed investment holding company with a disclosed PIF minority stake, not a PIF subsidiary. Its 2024 annual report references PIF’s 16.87% acquisition, but readers should check current company and Saudi Exchange filings before relying on a percentage [S21].
What is Company Gate?
For this topic, “company gate” is likely a platform or portal query, not a portfolio-company classification. PIF’s website includes Vendor Gate and Managers Gate navigation, but those are access portals, not evidence that a company is owned by PIF [S1].
Is International Petroleum Investment Company part of PIF?
No PIF relationship is confirmed in the source set used for this page. International Petroleum Investment Company is associated with Abu Dhabi/UAE sovereign-investment history, so it should be excluded from a Saudi PIF portfolio lookup unless a specific transaction source is provided.
Is Arab Bank Company a PIF portfolio company?
No confirmed PIF ownership relationship is established by the sources used here. Treat “Arab Bank company” as a separate banking lookup unless a current filing identifies PIF ownership.
Audi company which country?
Audi is a German automotive company. The query is not a PIF portfolio-company lookup and should not be forced into this article beyond exclusion handling.
Are halal companies PIF companies?
Not automatically. “Halal company” is a broad category covering certification, food, finance, hospitality, and consumer products. A company should be treated as PIF-linked only if official PIF, company, regulator, or exchange sources confirm the relationship.
Are PEO companies in the Middle East, GCC, or MENA part of PIF?
Not by default. PEO and employer-of-record companies are market-entry service providers. They belong in a business-setup or employment-compliance guide unless a specific PIF ownership source exists.
Is Stera fintech a PIF portfolio company?
No confirmed PIF link is established in the cited source set. To evaluate a fintech company on instant transfers, verify licensing, payment-rail access, bank partners, transaction limits, compliance status, fees, uptime, and complaint handling through regulator and company sources.
What company is MCM?
MCM is ambiguous. It can refer to different companies, brands, acronyms, or jurisdictions. It should not be classified as a PIF company without the full legal name and a current ownership source.
What is the difference between PIF and the largest investment companies?
PIF is a sovereign wealth fund with a Vision 2030 mandate, not a conventional asset manager selling funds to the public. “Largest investment companies” lists usually compare private asset managers, sovereign wealth funds, banks, or holding companies, so definitions must be kept separate [S1] [S2].
Related Reading
- Public Investment Fund and Vision 2030 capital allocation.
- PIF sovereign wealth fund comparison and AUM tracker.
- Vision 2030 giga projects lookup.
- Saudi Exchange listed company research guide.
- Saudi fintech and digital banking guide.
- Saudi tourism investment companies and destination developers.
- Saudi Aramco ownership and PIF transfers explainer.
- Sanabil Investments and Saudi startup ecosystem guide.
Sources
[S1] Public Investment Fund, “Our Investments” and “Our Portfolio,” official portfolio pages, accessed May 2026, https://www.pif.gov.sa/en/our-investments/
[S2] Public Investment Fund, “PIF continued to drive the economic transformation of Saudi Arabia while shaping global economies in 2024, growing AuM by 19%,” official press release on 2024 annual report, 13 August 2025, https://www.pif.gov.sa/news-and-insights/press-releases/2025/pif-continued-to-drive-the-economic-transformation-of-saudi-arabia-while-shaping-global-economies-in-2024/
[S3] Public Investment Fund, “Chaired by HRH Crown Prince, PIF Board of Directors approves PIF 2026-2030 strategy,” official press release, April 2026, https://www.pif.gov.sa/en/news-and-insights/press-releases/2026/chaired-by-hrh-crown-prince-pif-board-of-directors-approves-pif-2026-2030-strategy/
[S4] Public Investment Fund, “Governance and Investment Decisions,” official governance page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/governance-and-investment-decisions/
[S5] Public Investment Fund, “Financial Statements,” official financial statements page, accessed May 2026, https://www.pif.gov.sa/en/investors/financial-statements/
[S6] Public Investment Fund, “ASFAR,” official portfolio page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/our-portfolio/asfar/ ; Public Investment Fund, “PIF Announces the Establishment of the Saudi Tourism Investment Company Asfar,” official press release, 27 July 2023, https://www.pif.gov.sa/en/news-and-insights/press-releases/2023/asfar/
[S7] Public Investment Fund, “D360 Bank,” official portfolio page, accessed May 2026, https://www.pif.gov.sa/our-investments/our-portfolio/d360-bank/
[S8] Saudi Central Bank, “SAMA Announces the Launch of D360 Banking Operations in the Kingdom,” regulator news release, 17 December 2024, https://www.sama.gov.sa/en-us/mediacenter/news/pages/news-1061.aspx
[S9] Public Investment Fund, “PIF-owned Elm company lists on Saudi Exchange,” official newswire, 16 February 2022, https://www.pif.gov.sa/en/news-and-insights/newswire/2022/pif-owned-elm-company-lists-on-saudi-exchange/
[S10] Public Investment Fund, “PIF announces sale of 100 million shares in stc,” official press release, 14 November 2024, https://www.pif.gov.sa/en/news-and-insights/press-releases/2024/pif-announces-sale-of-100-million-shares-in-stc/
[S11] Public Investment Fund, “National Security Service Company (SAFE),” official portfolio page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/our-portfolio/national-security-service-company/
[S12] Public Investment Fund, “The Public Investment Fund announces launch of The Helicopter Company,” official press release, 11 March 2019, https://www.pif.gov.sa/en/news-and-insights/press-releases/2019/the-helicopter-company/
[S13] Public Investment Fund, “Dan Company,” official portfolio page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/our-portfolio/dan/
[S14] Public Investment Fund, “Diriyah Company,” official portfolio page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/our-portfolio/diriyah-company/
[S15] Public Investment Fund, “Saudi Arabian Investment Company (Sanabil Investments),” official portfolio page, accessed May 2026, https://www.pif.gov.sa/en/our-investments/our-portfolio/saudi-arabian-investment-company/ ; Public Investment Fund, “HRH Crown Prince Announces Completion of the Transfer of 4% of State-owned Shares in Saudi Aramco to PIF’s Wholly-owned Sanabil Investments,” official newswire, 16 April 2023, https://www.pif.gov.sa/en/news-and-insights/newswire/2023/hrh-crown-prince-announces-completion-of-the-transfer-of-4-per-of-state-owned-shares-in-saudi-aramco/
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