Saudi wealth fund annual profit tumbles 60% as high rates, inflation bite
- Posted on June 30, 2025
- By Yahoo News
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Saudi wealth fund annual profit tumbles 60% as high rates, inflation bite
DUBAI (Reuters) -Saudi Arabia's sovereign wealth fund's assets exceeded $1 trillion in 2024, but its net profit slumped 60% from a year earlier, it reported on Monday, hurt by high interest rates and inflation as well as impairments on some projects. The Public Investment Fund's net profit fell to 25.8 billion riyals ($6.9 billion), it said in a statement, adding that impairments primarily related to changes to operational plans and increases in budgeted costs. The PIF is steering Saudi Arabia's ambitious economic agenda aimed at weaning the Gulf country's economy off oil.