Riyadh – Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) says artificial intelligence and automation are now fully integrated within “every layer” of its operations, transforming both its investment focus and decision-making processes.

In its 2024 annual report, the nearly $1 trillion sovereign wealth fund called AI a “catalyst” for change, enabling faster, more precise capital allocation and valuation. New tools include an AI-powered private market assessment platform, a proprietary large language model for real-time investment reporting, and systems for asset manager analysis and portfolio optimization.

PIF closed 2024 with assets under management of 3.424 trillion riyals ($912.6 billion), a change from previously disclosed figures due to differing accounting standards.

The fund, following Crown Prince Mohammed bin Salman’s Vision 2030 diversification strategy, has expanded well beyond traditional holdings. It has invested in global names such as Uber, Lucid Motors, and Nintendo, backed sports ventures like LIV Golf and Newcastle United, and committed billions to domestic mega-projects including NEOM, tourism, logistics, and clean energy.