About
PIF History and Context
For more than 46 years, the PIF has been a leading economic player and has contributed to the development of national investment entities constituting the foundation for overall development, while contributing to the establishment of many of the largest companies in KSA. Established in 1971 by virtue of Royal Decree No. M/24, the PIF has throughout the years financed many key projects and companies and provided financial support to projects of strategic importance to the national economy.
On March 23, 2015, the Council of Ministers issued its resolution number 270, assigning the PIF to report to the Council of Economic and Development Affairs (CEDA). Accordingly, the Board has been re-formed, with the Crown Prince, HRH Prince Mohammed Bin Salman Bin Abdulaziz (Deputy Prime Minister and Chairman of CEDA), as the Chairman. This was a major step toward assigning more comprehensive authority and more well-defined national strategic responsibilities to the PIF.
The PIF’s economic role has grown at a fast and innovative pace in light of the broad strategies approved by CEDA, as part of the broader effort to drive national economic transformation and achieve positive and sustainable change in KSA. The PIF’s economic role has also grown through its effective work in developing the local economy, expanding its portfolio of international assets (through investment in international sectors and markets), and establishing strategic partnerships to achieve its objectives effectively and to maximize sustainable returns as part of the ambitious Vision 2030 objectives.