Saudi Arabia’s sovereign wealth fund took an $11 billion loss on its investments last year — even as it stepped up a worldwide spending spree — after tumbling global stock and bond prices impacted its holdings, Report informs referring to Bloomberg.
That compares with a profit on investment activities of $19 billion in 2021 as markets rallied in the wake of the coronavirus pandemic.
The main reasons for such dynamics were the growth of global inflation, the financial and energy crises, as well as the general decline in the global stock market against the backdrop of the negative consequences of the military conflict in Ukraine. For comparison, the Saudi state fund ended 2021 with a profit of 81.8 billion riyals, or about $21.8 billion at current exchange rates.
The Saudi Arabia State Investment Fund is one of the world's largest investors. Currently, his leadership is actively investing in a variety of areas - from the production of video games and electric cars to financing the construction of new sustainable cities in the desert.