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SAMA Foreign Holdings

البنك المركزي السعودي · Saudi Arabia · Middle East · Founded 1952 · Reserve investment corporation · Not an IFSWF member

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Focus

SAMA Foreign Holdings: what it invests in

Fixed incomeCash and money marketsCommodities and goldPublic equities

Geography Global

Scale

SAMA Foreign Holdings: how big it is, and on what basis

SAR 1,827B
Total assets (balance sheet)

In US dollars: about USD 487.3B. Converted at the fixed rate of SAR 3.75 per US dollar.

Transparency

SAMA Foreign Holdings: what it publishes

5.5 of 10 Band 3 of 5

Published 5 · Partly 1 · Not published 4

Our 10 item score. It measures what is public, not how well a fund is run.

Official reserve assetsS6
SAR 1,827B (about USD 487.3B, August 2026)
As of
Change in a yearS6
+6.7%
As of
Foreign securities shareS7
58.6% (end 2025)
As of
Deposits and currency abroadS7
35.9% (end 2025)
As of
Central bank balance sheetS9
SAR 1,941B
As of
FoundedS1
1952
Transparency scoreS12
5.5 of 10

At a glance. SAMA Foreign Holdings is the name commonly given to the foreign reserve portfolio of the Saudi Central Bank. Official reserve assets were SAR 1,827 billion at end August 2026, about USD 487.3 billion at the 3.75 peg. Most of it sits in foreign securities and deposits abroad, run for liquidity and safety rather than for strategic stakes, and SAMA publishes the total and its breakdown every month. S6 S3

Key points

  • Reserve assets rose 6.7 percent in the year to August 2026, from SAR 1,712 billion. S6
  • At end 2025, foreign securities were 58.6 percent of reserves and foreign currency and deposits abroad 35.9 percent. S7
  • Reserves hit SAR 1,860 billion in March 2026, the highest level since February 2020. S8
  • SAMA's full balance sheet was SAR 1,941 billion in August 2026, with foreign securities at SAR 1,161.4 billion. S9 S10
  • No holdings, manager list or return figure is published; SAMA says it reviews external mandates periodically. S11 S12
  • Reserves grew by SAR 86.3 billion in 2025, including SAR 36.4 billion in the fourth quarter. S7 S13

Interesting facts

  • Before 1952 a branch of a Dutch trading bank held the gold reserves and received oil revenues for the Saudi state. S4
  • In 2020 SAMA moved SAR 150 billion (USD 40 billion) to the Public Investment Fund in two tranches. S4
  • Its Riyadh head office, finished in 1985, was designed by the architect Minoru Yamasaki. S4

Mandate and goals

The central bank holds sole responsibility for monetary policy and manages the foreign exchange reserves that back the riyal peg of 3.75 per US dollar. S1 S4

  • Set and carry out monetary policy and choose its tools. S1
  • Manage foreign exchange reserves and support price and exchange rate stability. S4
  • Issue the currency and build payment infrastructure. S1
  • Advise the government on monetary, banking and financial matters. S1

How it invests

Industries. Sector agnostic S11
Asset classesFixed income, Cash and money markets, Commodities and gold, Public equities S7
StagesPublic markets S7
GeographyGlobal. Foreign assets by definition; currency and country split not published S3
Direct / through funds / co-investYes / Yes / No S11
Ticket sizeNot applicable; reserves are not invested through deal tickets. S3
External managersSAMA says it has raised allocations to global asset managers as reserves grew; managers are not named S11
Co-investment programmeNo co-investment activity S3

Asset mix: Foreign securities 58.6%, Foreign currency and deposits abroad 35.9%, Special drawing rights 4.7%, IMF reserve position 0.7%, Monetary gold 0.1% (as of 2025-12-31) S7

Past investments

YearInvestmentTypeSectorAmount
2020Transfer to the Public Investment Fund. Reserves moved to PIF in two tranches of USD 25B and USD 15B in spring 2020. S4State asset transferFinancial servicesSAR 150B (USD 40B)

Case studies

Funding the PIF from reserves S4

  • What: Moved SAR 150 billion of reserves to the Public Investment Fund.
  • When: March to May 2020
  • Size: USD 40B
  • Why: To give the national investment fund more capital to deploy.
  • Outcome: Two tranches of USD 25B and USD 15B were completed.

Rebalancing toward liquidity S11

  • What: Pulled some money from global managers, including index funds, and moved part into more liquid fixed income.
  • When: June 2026
  • Size: Billions of US dollars, as reported
  • Why: SAMA described it as part of a periodic review of mandates as reserves grew.

Investment process

A board made up of the Governor, the Vice-Governor and three members from the private sector oversees SAMA. The Governor is appointed by Royal Order for a renewable four-year term. S4 S14

CommitteeRole
Board of DirectorsOversees the central bank, including reserve management S4
Senior managementGovernor, Vice-Governor and five Deputy Governors S4
  1. External managers are hired and their mandates reviewed periodically, then adjusted in line with reserve growth. S11

How to approach: There is no open intake for managers or deals. The central bank website lists general contact routes only. S15

Size and returns

  • Headline size: SAR 1,827B (Total assets (balance sheet)) S6 S3
  • In US dollars: about USD 487.3B. Converted at the fixed rate of SAR 3.75 per US dollar.
  • SAMA total balance sheet: SAR 1,941B (Total assets (balance sheet), as of 2026-08-31) S9
  • Foreign currency reserves only: USD 462.15B (Total assets (balance sheet), as of 2026-08-31) S6
  • Returns: the fund does not publish a return figure.
  • Size over time (SAR billion): 2024 1,640, 2025 1,730, 2026-03 1,860, 2026-06 1,854, 2026-07 1,832, 2026-08 1,827.4 S6 S7 S8

Leadership

NameTitleSince
Ayman Al-SayariGovernor, with the rank of minister S142023-02-02

Governance and transparency

  • Legal basis: Saudi Central Bank Law, Royal Decree M/36 of 26 November 2020, replacing the SAMA charter of 1952 S5
  • Oversight: Board of Directors; Governor appointed by Royal Order S5 S14
  • Auditor: External auditors' report published in the annual report S12
  • The law covers objectives, the board, the Governor and Vice-Governors, conflicts of interest and the external auditor. S5
  • Monthly reserve figures follow IMF reserve categories. S3

Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, asset allocation, audited financial statements, governance and mandate documents, regular reporting schedule. S3 S5 S12
  • Partly published: named leadership. S14
  • Not published: annual return, long-term returns, geographic or sector split, holdings or deal list. S3 S11 S12

History

DateEvent
1952-04-20SAMA established by Royal Decree. S1
1984Head office moves from Jeddah to Riyadh. S4
2020-05USD 40B transfer to the Public Investment Fund completed. S4
2020-11-26Saudi Central Bank Law issued; new name adopted. S5
2023-02-02Ayman Al-Sayari appointed Governor. S14
2026-03Reserves reach SAR 1,860B, the highest since early 2020. S8
2026-06-22Reallocation of external mandates reported. S11
2026-08-31Reserves at SAR 1,827B. S6

For family offices

Reserves are run for liquidity and the currency peg, so there is no co-investment or partner programme for private investors. S11 S4

Reports

Common questions

How big are SAMA Foreign Holdings?

Official reserve assets were SAR 1,827 billion (about USD 487.3 billion) at the end of August 2026. S6

What are the reserves invested in?

At end 2025: 58.6 percent foreign securities, 35.9 percent foreign currency and deposits abroad, and the rest SDRs, the IMF position and gold. S7

Is this the same as the Public Investment Fund?

No. PIF is a separate fund; SAMA moved USD 40 billion of reserves to PIF in 2020. S4

Who is the Governor?

Ayman Al-Sayari, appointed by Royal Order in February 2023. S14

Does SAMA publish returns?

No portfolio return series is published. S12

All sovereign wealth funds in Middle East · All reserve investment corporations · All funds in Saudi Arabia

Sources

  1. S1Saudi Central Bank, History of SAMA
  2. S2IFSWF, members list
  3. S3Saudi Central Bank, reserve assets statistics
  4. S4Wikipedia, Saudi Central Bank (revision of 18 August 2026)
  5. S5Saudi Central Bank, Saudi Central Bank Law
  6. S6Saudi Gazette via Zawya, reserves for August 2026
  7. S7Zawya, SAMA reserve assets at end 2025
  8. S8Asharq Al-Awsat, reserve assets in March 2026
  9. S9Argaam, SAMA balance sheet statistics (Arabic)
  10. S10Al-Estad, SAMA assets in August 2026 (Arabic)
  11. S11CNBC TV18, Bloomberg report on reserve reallocation, 22 June 2026
  12. S12Saudi Central Bank, Annual reports
  13. S13Saudi Central Bank, Key Economic Developments Q1 2026
  14. S14Royal Order O/272 appointing the Governor (Arabic)
  15. S15Saudi Central Bank, home page

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