Riyadh: Saudi Arabia’s Public Funding Fund reported a loss on funding actions of about $11 billion final yr in comparison with a revenue of $19 billion in 2021 as world markets sank.
That meant the fund’s loss attributable to its proprietor was 36.6 billion riyals ($9.8 billion) in 2022, down from a revenue of 81.8 billion riyals, in accordance with the wealth fund’s accounts revealed Tuesday. Complete belongings of the PIF, because the fund is understood, rose to about $778 billion from $676 billion.
PIF stated it made a 25 per cent return in 2021 as world markets rallied, roughly in keeping with that of traders within the S&P 500 Index that yr. PIF didn’t disclose a comparable determine in its 2022 accounts, a yr when the S&P dropped nearly 20 per cent. The index is up about 15 per cent up to now this yr.
The PIF is within the midst of a worldwide funding spree after it was reworked from a domestically-focused holding firm right into a sovereign fund in 2016.
Throughout the course of 2022 the fund established the Sports activities Funding Firm as a completely owned subsidiary to put money into sports activities internationally and throughout the nation. This yr, the Saudi authorities transferred an extra 4 per cent of vitality large Aramco – price nearly $80 billion – to PIF.
The fund additionally manages a $35.6 billion portfolio of US equities that features stakes in Lucid Group, Activision Blizzard, and Uber Applied sciences, in accordance with a regulatory submitting for the tip of the primary quarter.
The PIF raised $5.5 billion from a three-part inexperienced bond sale earlier this yr.