Saudi’s PIF slashes value of giga-projects by $8bn
Saudi Arabia’s sovereign wealth fund trimmed the value of its giga-projects by $8 billion on its books last year, as it looks to manage its costs effectively.
The Public Investment Fund valued its giga projects - which include the ultra-futuristic city NEOM, Diriyah, Red Sea Global, Qiddiya and the Roshn Group - at 211 billion Saudi riyals ($56.2 billion) last year, down 12.4% over 2023. The five mega-projects represented 6% of the fund’s assets under management at the end of last year, down from 8% 2023.
That came, as its international diversified pool grew 26% with a significant minority stake in London's Selfridges Group and a 5% stake in the holding company of Heathrow Airport last year.
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