Saudi Arabia’s PIF Wealth Fund Takes $11 Billion Investment Hit
- The fund swung to a loss last year after global markets sank
- The PIF has been on a global acquisition spree since 2016
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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.
That compares with a profit on investment activities of $19 billion in 2021 as markets rallied in the wake of the coronavirus pandemic.