Via Patrick Kingsley and Michael D. Shear in reuters.com: PIF Governor Yasir Al-Rumayyan does not receive a predetermined flow of oil wealth from the state, but instead has been handed a portfolio of domestic and international assets. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company and $53 billion Saudi National Bank . It also controls 8% of $2.2 trillion oil giant Saudi Aramco, worth about $180 billion, which Riyadh transferred in 2022 and earlier this year. A fifth of all PIF assets in 2022 were targeted at developing new industries like gaming, while another 5% was earmarked for giga-projects like the $500 billion NEOM, home of “The Line” – a futuristic 110-mile long “linear smart city”.
