The Public Investment Fund , Saudi Arabia's sovereign wealth fund and the sixth largest globally with $625 billion in assets , is embodying a profound shift in the kingdom's development strategy. As the Financial Times observed in October 2024, after eight years of frantic construction and unprecedented spending, Saudi Arabia is entering a new era defined by prudence.
It is also important to remember that Saudi remains highly reliant on oil accounting for about 75% of its fiscal revenue. And economists and the International Monetary Fund estimate that Saudi needs oil price of$96.20 per barrelto balance its budget, raising concerns about potential deficits. The emphasis on Foreign Direct Investment has also evolved significantly. While in 2023, the Kingdom attracted $25.