The Saudi Public Investment Fund recorded losses in investment activities amounting to about $11 billion in 2022, compared to profits of $19 billion in 2021, according to the agency.bloomberg“.
The Saudi sovereign wealth fund said it achieved a return of 25 percent during 2021 as global markets rebounded, roughly in line with the return of investors in the Standard & Poor’s index that year.
The Public Investment Fund, which is headed by the Saudi Crown Prince, did not disclose a similar number in its accounts for 2022, the year in which the same index fell by nearly 20 percent.
According to the same agency, the total assets of the Saudi fund rose to about $778 billion from $676 billion.
The Public Investment Fund is in the midst of a global investment wave after it was converted from a holding company focusing on the local level to a sovereign fund in 2016.
In recent months, the fund has attracted global attention after announcing a deal to merge the new “LIV” golf tournament with the American “PGA” tour, as part of the Kingdom’s efforts to enhance its soft power and improve its image internationally by investing in global sports, according to the report. Bloomberg.
The fund invests in dozens of companies inside and outside the Kingdom with the aim of achieving Saudi Vision 2030 to diversify sources of income away from oil.
At home, the Public Investment Fund supports large projects supervised by Saudi Crown Prince Mohammed bin Salman, such as the pioneering tourism project in the Red Sea region, the planned $500 billion “NEOM” economic zone, and the “Qiddiya” entertainment city.
Abroad, the fund owns stakes in major companies operating in various fields, including an $8.9 billion stake in electric car maker Lucid and another $3.2 billion stake in video game company Activision Blizzard.
2023-07-12 04:50:03
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