## Overview The Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia and ranks among the largest in the world, with estimated assets ranging from $620 billion to over $941 billion, depending on the reporting period and methodology[1][3]. Established in 1971, the PIF was created to invest government surpluses, primarily from oil revenues, into a diversified portfolio both domestically and internationally[1][3]. Its mission has evolved significantly in recent years, positioning itself as a central driver of Saudi Arabia’s ambitious economic transformation under the Saudi Vision 2030 initiative[2]. ## Activities and Strategy The PIF invests through equity, loans, and guarantees, channeling funds into large-scale government and private projects[4]. Domestically, it focuses on sectors such as telecoms, aerospace, energy, green technologies, and information technology, with a particular emphasis on housing finance, renewable energy, and tech-driven innovation[4]. Over 60% of its activities remain within Saudi Arabia, where it supports private conglomerates with close ties to the ruling family, while its international portfolio includes high-profile assets like the Premier League football club Newcastle United[1]. The PIF’s investments are designed to accelerate innovation, reinvent industries, create jobs, and grow the Saudi economy[2]. It has established 79 companies and claims to have created 500,000 direct and indirect jobs as of July 2022[2]. The fund is also behind several “giga-projects,” including NEOM (a futuristic smart city), ROSHN (urban development), the Red Sea Project (tourism), Qiddiya (entertainment and sports), and Diriyah (cultural heritage), all aimed at diversifying the economy and reducing reliance on oil[2]. ## Governance and Leadership The PIF is chaired by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler since 2015, reflecting the fund’s central