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Main article: Saudi economy
2023: Sovereign Wealth Fund Assets - $700 billion
2022
Loss for the year $11 billion
The State Investment Fund of Saudi Arabia in 2022 received a loss from investment activities in the amount of about $11 billion, compared with a profit of $19 billion in 2021 against the background of falling world markets.
Investing $7.5 billion in US blue chips
In August 2022, it became known that the Saudi National Wealth Fund invested $7.5 billion in American blue-chip companies, from Amazon to JPMorgan Chase, as the kingdom uses revenues from high oil prices to diversify its investments. Saudi Aramco reported a 90% rise in quarterly net profit.
In the three months ended June 30, the Public Investment Fund acquired minority stakes in 17 companies, including Google's parent company Alphabet, BlackRock and Microsoft. The value of each investment ranged from $400 million to $500 million, the documents said.
Saudi Arabia is buying up American stocks as the kingdom is in its strongest financial position in years. Crown Prince Mohammed bin Salman, who heads the PIF and runs the kingdom's day-to-day business, will use the gains from high oil prices in 2022 to double the pace of economic reform he first proposed in 2016 to rid the economy of its reliance on oil.
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