Saudi Arabia’s nearly $1 trillion sovereign wealth fund said on Wednesday artificial intelligence and automation have become embedded across “every layer” of its operation, reshaping not only what it invests in, but how it invests.
The shift reflects a broader national ambition to integrate advanced technologies into the heart of the Saudi economy, and to redefine the region’s financial future not through oil, but through algorithms.
In its 2024 annual report, the Public Investment Fund (PIF) described AI as a catalyst that is fundamentally altering the way the state fund makes decisions, allocates capital and evaluates value.
The report said the fund’s assets under management totalled 3.424 trillion riyals ($912.6 billion) at the end of 2024, lower than the 4.321 trillion riyals reported in June, with the change reflecting the use of different accounting standards.
PIF said it had implemented an AI-powered valuation platform to bring greater precision and speed to private market investment assessments. It has also developed a large language model for real-time investment reporting and is using AI tools for asset manager analysis and portfolio optimisation.
Tasked with spearheading the kingdom’s economic diversification under Crown Prince Mohammed bin Salman’s Vision 2030 plan, PIF has moved well beyond its early holdings in public equities and infrastructure.
In recent years, the fund has taken high-profile stakes in global brands, such as Uber UBER.N, Lucid Motors, and Nintendo 7974.T, while also backing sports ventures including LIV Golf and Newcastle United.
At home, it has poured billions into giga-projects such as NEOM, the futuristic city on the Red Sea, and strategic sectors like tourism, logistics, and clean energy.
($1 = 3.7519 riyals)
Reuters
