"The report specifically mentioned that the planned Saudi Arabian city Neom and a ski resort with robot workers are among the PIF assets that are currently flailing. Saudi Arabia's wealth still stems from its vast oil deposits, but the kingdom has limitations on how much oil it can sell without violating agreements and treaties already in place. That could potentially mean PIF has been spending resources faster than Saudi Arabia can replenish the fund."
"PIF spokesperson Marwan Bakrali denied the report and told the New York Times that the PIF still has $60 billion in cash and "similar financial instruments." Technically, the sale of EA has yet to officially go through yet, and it still needs regulatory approval in the US and other countries before it can be finalized. Saudi Arabian-owned mobile developer Scopely purchased Niantic's video game division in March of this year, which gave it control of Pokemon Go and other mobile titles."
PIF has experienced cash-flow problems after several investments turned underwater, including the planned city Neom and a ski resort with robot workers. Saudi oil revenue remains significant but faces limits on how much can be sold under existing agreements, constraining fund replenishment. PIF reported holding $60 billion in cash and similar financial instruments. The proposed $55 billion Electronic Arts acquisition remains subject to regulatory approvals. Saudi entities have been buying game companies, including Scopely’s purchase of Niantic’s game division, and investments in Nintendo and Take-Two. These moves aim to diversify assets and may also serve to deflect attention from human rights concerns.
Read at GameSpot
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