Saudi Arabia Can No Longer Raise Oil Output For Cash ...Middle East

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Saudi Arabia Can No Longer Raise Oil Output For Cash
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Last year, Saudi Arabia’s sovereign wealth fund became the world’s top spender, accounting for a quarter of the $124 billion that sovereign wealth funds invested in total. Saudi Arabia has been spending heavily both abroad and at home—the home of the world’s megaprojects, such as the $500-billion futuristic Neom project and a whole new airline, among others. As a result, last year, the Public Investment Fund’s cash and treasury assets slimmed from over $105 billion in 2022 to some $37 billion as of September,…

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