Saudi Arabia's mammoth sovereign wealth fund saw a major decline in investments in its so-called "gigaprojects," amounting to an $8 billion write-down at the end of 2024 — despite assets under management reaching nearly $1 trillion, according to its annual report. Gigaproject investments declined by 12.4% to 211 billion Saudi riyal ($56.2 billion). Meanwhile, assets overseen by the PIF climbed 19% from the end of 2023 to around $913 billion, making it one of the largest and fastest-growing sovereign wealth funds on the planet. The gigaprojects, which include the futuristic $500 billion Neom development, constituted 6% of the PIF's assets in 2024, down from 8% the year prior. The writedown comes amid lower global oil prices and a growing fiscal deficit for the Saudi kingdom, whose economy depends heavily on oil despite efforts to diversify it and substantial non-oil revenue growth. The PIF's annualized returns since 2017 dropped to 7.2% from 8.7% the previous year. The fund — which has significant holdings in a range of blue-chip companies like Uber and Tesla, and owns major sports franchises like LIV Golf and British soccer club Newcastle United — was also seen broadening its funding base, raising nearly $10 billion in public debt and $7 billion privately.