Saudi Arabia’s sovereign wealth fund declares $11bn loss in 2022
Saudi Arabia's Public Investment Fund (PIF) declared a loss on its investments of nearly $11bn in 2022, Bloomberg reported on Tuesday, after splurging on US stocks and tech investments. The loss compares with a profit of $19bn in 2021. The kingdom’s $650bn sovereign wealth fund is chaired by Crown Prince Mohammed bin Salman and is the main vehicle for the diversification of Saudi Arabia's economy away from its reliance on oil revenue. The […]