DUBAI — Saudi Arabia’s Public Investment Fund (PIF) lost $11 billion on investment activities in 2022, compared to a profit of $19 billion the year before, the sovereign wealth fund reported Tuesday.
Despite rapidly expanding its global investment spending in recent years, plummeting global stock and bond prices combined with the implications of the Russia-Ukraine war on the global economy have affected the Saudi wealth fund’s holdings.
The PIF evolved from a mainly domestic-focused holding company to a global one in 2016 and has been investing heavily in foreign projects ever since.
The fund currently owns 79 companies — including megaproject NEOM, the Saudi Stock Exchange and new airline Riyadh Air — and has seen its total assets rise to about $778 billion in 2022 from $676 billion the year before, according to data published by the wealth fund’s accounts and acquired by Bloomberg.
