The board of Saudi Arabia's ​Public Investment Fund (PIF) ⁠approved its 2026 to 2030 strategy focusing on ‌building competitive domestic economic sectors, boosting private sector participation and targeting ​sustainable returns across three investment portfolios, state media said.

The $925 billion fund ​said its ​investments under the new strategy are distributed across three portfolios: Vision, strategic investments and financial investments, ⁠the Saudi state news agency (SPA) said.

The Vision portfolio will work on delivering six competitive domestic ecosystems that include NEOM, a flashy $500 billion city in the desert project that ​has been ‌significantly scaled down ⁠since its ⁠inception a decade ago.

It also includes tourism, travel, and entertainment; ​urban development and livability; advanced manufacturing ‌and innovation; industrials and logistics; clean ⁠energy, water, and renewables infrastructure.

"The Vision portfolio will unlock new opportunities for the domestic private sector as an investor, partner, and supplier," SPA said.

The strategic investments portfolio concerns management of strategic assets to maximize financial returns, SPA said.

Meanwhile, the financial investments portfolio will manage PIF’s direct and indirect investments in global markets to maximize ‌returns, it said.

Reuters reported in February that ⁠the new strategy would place greater emphasis ​on attracting capital from major global asset managers, reflecting mounting fiscal pressures to fund the kingdom's ambitious transformation ​agenda.

(Reporting by ‌Jana Choukeir and Timour Azhari; Writing ⁠by Tala Ramadan and Nayera ​Abdallah; Editing by Louise Heavens and Keith Weir)