Oh are they finally running out of that oil money they’re known for?
If so, good, stop throwing your damn weight around and contaminate whatever you touch.
They are not running out of oil money.
They have the best cost per barrel economics out of all countries (at scale) and they still hold a stupid high % of the market (10%+).
Their game investment strategy is of course a massive failure. They will exist in 24-36 months. You don’t need to be a financial analyst to understand this.
It’s not as much a “feel-good” story as comments who haven’t read beyond the headline might make you believe:
The PIF values its total investments at nearly $1 trillion in assets, but a significant percentage of these are hard-to-sell assets with no public valuation; as a result, the NYT reports that the PIF reps have told international investors that it is “unable to allocate” for the near future.
Despite this, a spokesperson for the PIF, Marwan Bakrali, told the newspaper that it had $60 billion in cash and “similar financial instruments”.
ETA: Its not as though they’ve lost a significant chunk of the fund, but rather that a sizeable portion of it is tied up in illiquid assets that can’t be readily sold, or valued and loaned against.
Though there is some mention of some of their investments being in “distress”, so there is at least some good news?
Maybe they’ll finally sell off GlobalFoundries,
what a shame.
Maybe they shouldn’t have tried building that line, killing journalists and paying hush money (which worked badly enough that I, a random Cascadian citizen, know about these crimes)?
Our former prime minister claimed they also invested heavily in a past election which was gerrymandered up to the neck, that they then proceeded to lose. So sad.
You hate to see it (love to see it)
