Saudi Arabia’s Public Investment Fund saw its profits fall by 60% in 2024 compared to the previous year, as low oil prices, soaring inflation and costly infrastructure projects started to bite.

What happened: The PIF, which is tasked with overseeing Saudi Arabia’s ambitious Vision 2030 agenda of diversifying the economy away from its reliance on oil, saw profits drop to 25.8 billion riyals ($6.9 billion) due to high interest rates and inflation, the sovereign wealth fund said Monday. In 2023, the PIF posted a profit of 54.4 billion riyals ($14.5........

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