Saudi Arabia's mammoth sovereign wealth fund saw a major decline in investments in its so-called gigaprojects, amounting to an $8 billion write-down at the end of 2024 — despite assets under management reaching nearly $1 trillion, according to its annual report.

Gigaproject investments declined by 12.4% to 211 billion Saudi riyal ($56.2 billion). Meanwhile, assets overseen by the PIF climbed 19% from the end of 2023 to around $913 billion, making it one of the largest and fastest-growing sovereign wealth funds on the planet. The gigaprojects, which include the futuristic $500 billion Neom development, constituted 6% of the PIF's assets in 2024, down from 8% the year prior.

The write-down comes amid lower global oil prices and a growing fiscal deficit for the Saudi kingdom, whose economy

See Full Page