PIF chief says Saudi transformation could outpace China's, outlines 'filtration' investment process The Fund to unveil its next five-year strategy soon

WASHINGTON — Governor of the Public Investment Fund said Saudi Arabia's economic transformation "could be greater" than what China achieved in the 1980s, 1990s and early 2000s, as the sovereign investor leans on a "really good filtration process" to screen deals and widen its impact beyond financial returns.
Speaking at the Economic Club in Washington on Monday, Yasir Al-Rumayyan said PIF's average internal rate of return rose from less than 2% before 2015 to about 7.2% after a strategy reset that began when Prince Mohammed bin Salman became chairman of the board.
Assets under management are "roughly" around $925 billion to $945 billion, he said, with a year-end target of $1.075 trillion and an objective of at least $2 trillion by 2030, with "a good chance" of reaching $3 trillion.
Al-Rumayyan said PIF's current 2021–25 strategy identifies 13 sectors domestically and internationally, and the fund is "more proactive rather than reactive" in originating opportunities.
The approach spans brownfield, greenfield and financial assets "across different asset classes."
He added that PIF will announce its next five-year strategy "in the coming months," as an extension of plans through 2030 and out to 2040 and beyond.
Returns are only one part of PIF's investment matrix, Al-Rumayyan said, noting the fund evaluates GDP contribution, job creation, local content and diversification away from oil.
He said Saudi Arabia's non-oil share of GDP is now about 53%, up from roughly 10% in 2015 by his description, with the overall economy growing from under $600 billion in 2016 to about $1.1 trillion today.
"We want to be an impactful investor... to make money, help prosperity, achieve Vision 2030's KPIs and develop the country," he said.
Al-Rumayyan, who previously led Saudi Fransi Capital and worked at the Capital Market Authority, detailed PIF's organizational expansion from about 30 staff in 2015 to 2,964 today.
The fund's main office is in Riyadh, with international offices in New York, London, Hong Kong, Paris and Beijing, and regional offices in Cairo, Amman, Manama and Muscat.
Some subsidiaries also maintain a presence in San Francisco to be closer to venture and technology ecosystems.
On Aramco, Al-Rumayyan said the company is "more than oil and gas," highlighting technology investment as a reason for its low lifting cost of about $3.5 a barrel.
He said Aramco's maximum sustainable oil capacity is 12 million barrels per day, with current output below 10 million, and that continued exploration is finding significant gas.
Combined oil and gas output is equivalent to about 16 million barrels of oil per day, he said, adding that by 2030 Aramco's gas production alone would exceed that of some major peers.
Al-Rumayyan also touched on sports and tourism. He said LIV Golf aims to broaden golf's audience "like Formula 1," reiterating a $54 million prize for anyone who shoots a 54.
On football, he cited Newcastle United's turnaround after PIF's investment and said Saudi clubs are applying similar frameworks as the Saudi Pro League attracts global stars.
He said Saudi tourism surpassed its Vision 2030 target of 100 million visitors last year; about 25 million visited in the first quarter of this year, he added, pointing to destinations such as AlUla, Diriyah and the Red Sea.
Internationally, Al-Rumayyan reaffirmed a long-term commitment to invest $600 billion in the United States, calling it "very much doable" given the scale of both economies and the countries' ties since the 1930s.
He encouraged asset managers partnering with PIF to bring portions of manufacturing or maintenance operations into Saudi Arabia to build local content and attract foreign direct investment.