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As global markets face uncertainty, Saudi Arabia’s Public Investment Fund reported a loss on investment activities of around $11 billion last year, compared to a profit of $19 billion in 2021.

Meanwhile, total assets increased to $778 billion from $676 billion, as a Bloomberg report cited the sovereign wealth fund’s accounts published Tuesday.

In 2021, the PIF achieved a 25% return on investment, roughly in line with investors in the S&P 500 Index that year.

The PIF has invested both domestically and globally since 2016. This includes launching more than 70 companies, including Riyadh Air, and investing in a number of international companies, including $3.3 billion worth of Activision Blizzard shares and $2.3 billion in Uber shares.

In 2022, the PIF established the Sports Investment Company as a wholly-owned subsidiary to invest in sports globally and within the country. It also merged its LIV golf tournament tour with the PGA Tour, which involved an investment of around $1 billion.

In addition, it has also positioned itself in the international soccer world – with a $416 billion acquisition of English soccer club Newcastle United and a deal to bring Portuguese superstar Christiano Ronaldo to Saudi club Al Nassr, a subsidiary of PIF backs.

This year, the Saudi government transferred 4% of energy giant Aramco –worth almost $80 billion- to PIF.