PIF's $8 Billion Writedown: What the Sovereign Wealth Fund Lost and What It Isn't Telling You
In August 2025, PIF disclosed an $8 billion writedown on its giga-project portfolio. Giga-projects dropped from 8% to 6% of total assets. The fund's strategy pivoted from construction spectacle to AI, mining, and defence. What the numbers reveal and what they conceal.
The 2026 Budget: How Saudi Arabia Quietly Abandoned Its Own Megaprojects
The December 2025 budget document contains no specific references to NEOM or New Murabba. The deficit is $44 billion — by design. Aramco cut its dividend by one-third. PIF's cash reserves hit their lowest since 2020. The budget that tells the truth the renderings concealed.
Priority Scorecard: Fiscal Sustainability
Scorecard tracking Saudi Vision 2030 fiscal sustainability including non-oil revenue diversification, budget discipline, and debt management.
Saudi Arabia National Budget
Overview of Saudi Arabia's annual national budget, spending priorities, revenue sources, deficit management, and Vision 2030 fiscal allocation strategy.
Saudi Fiscal Sustainability Under Stress
Analysis of Saudi Arabia's fiscal position — oil price dependency, rising breakeven prices, debt trajectory, and Vision 2030 spending sustainability.