The Public Investment Fund is expected to announce its strategy for the years 2026–2030 today, following a five-year period of significant asset expansion and greater diversification across portfolios and sectors, alongside clear improvements in profitability and income. The consolidated financial statements for 2022 to 2024 show that the fund has not only expanded its investment base but has also begun to generate clearer returns from some of its investments, whether through distributed profits or through revenue growth from affiliated sectors and the rising contribution of areas such as gaming and investment real estate.

The most notable aspect is the transformation in profitability: the fund moved from a net loss of $3.92 billion in 2022 to a net profit of $17.17 billion in 2023, before declining to $6.88 billion in 2024. This decline does not negate the positive shift in trajectory but reflects clear pressure on profits due to rising impairment losses and increased administrative and operational expenses.

On the sector level, the banking sector emerged as one of the most significant revenue drivers, with revenue from affiliated banks rising from $12.69 billion in 2022 to $18.59 billion in 2023. In 2024, major operational sectors continued to support group revenues, with the telecommunications sector alone generating $20.91 billion, representing 27.6 percent of total revenues. Gaming sector revenues increased from $0.21 billion in 2022 to $2.11 billion in 2023, while investment real estate continued its upward trajectory from $49.07 billion in 2022 to $58.93 billion in 2023, and then to $66.67 billion in 2024, alongside an increase in rental income from $0.20 billion to $0.59 billion over the same period.

Meanwhile, the statements reveal that this expansion came at a higher cost. Assets under ownership increased from $594.67 billion in 2022 to $765.33 billion in 2023, and then to about $925.33 billion in 2024, but borrowing also rose from $85.81 billion to $124.27 billion, and then to $152.11 billion. The fund recorded a decline in the value of properties and equipment amounting to $17.2 billion in 2024, compared to $5.52 billion in 2023, in addition to other declines in goodwill, intangible assets, and investment real estate, bringing total impairment losses to about $20.8 billion in one year.

Media reports also indicated the possibility of downsizing some major projects or readjusting their priorities, including directing some investments toward activities more closely related to energy and industry, and clearer in terms of economic viability.

In conclusion, data from 2022 to 2025 shows that the Public Investment Fund successfully expanded its asset base and enhanced its investment presence, partially aligning with the objectives of the previous strategy. However, the 2024 figures simultaneously reveal pressures that cannot be ignored, whether in terms of impairment losses in some major projects or the increased cost of funding and growing reliance on borrowing.