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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.