17:44 - 7.08.2023

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Saudi Arabia's sovereign wealth fund re Wealth Fund posted a loss of $15.6 billion in 2022 after the impairment of its investment in SoftBank Vision Fund.

Saudi Arabia’s sovereign wealth fund reported a $15.6 billion comprehensive loss for 2022 after the value of its investments in SoftBank Vision Fund plunged.

ABC.AZ reports that according to the annual financial report published on Sunday, the Public Investment Fund, or PIF, made an income of $25.4 billion the year befor.

The PIF, led by Crown Prince Mohammed bin Salman, increased the proportion of its assets allocated to Saudi shares from 24% to 32% last year. It also reduced the share of international strategic assets from 20% to 10%, including the British football club Newcastle United and the Blackstone Group LP Fund, which invests in US infrastructure.