The valuation of the shares of the Saudi Public Investment Fund decreased significantly in the fourth quarter of 2022

The Saudi sovereign Public Investment Fund retained shares worth $30.9 billion at the end of 2022, down from $36.8 billion at the end of September, affected by the drop in the value of the American electric car maker, Lucid. The Public Investment Fund invested over $1 billion in Lucid to diversify the local economy. Lucid has shared its plans to build its overseas factory in Saudi Arabia.