Finance
Saudi Arabia’s Nearly $1 Trillion Wealth Fund Swings to Profit
- PIF made $25 billion from investment activities in 2023
- Total borrowings rose to $125 billion from $85 billion in 2022
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Saudi Arabia’s sovereign wealth fund swung to a profit in 2023, driven by a rally in global markets that also helped cement its position as one of the biggest state-backed investors in the Middle East.
The Public Investment Fund made $25 billion from investment activities last year, compared to a loss of $11 billion in 2022, according to financial statements published late Monday. Dividend income and better performance from third-party funds also helped boost performance.