Saudi Arabia is developing rapidly thanks to Crown Prince Mohammed bin Salman's grand plans for the country, which involve huge investments in the gaming industry, supported by the Public Investment Fund (PIF).
However, with the Fund spending a lot of money on foreign companies, its wealth for new investments is getting short, according to the New York Times.
"The government is running a growing budget deficit and taking on debt to fulfill Prince Mohammed’s domestic promises," the outlet states. PIF says it has nearly $1 trillion in assets, but, allegedly, a big chunk of it is tied up in illiquid, hard-to-sell, deals.
Its representatives reportedly tell international investors that it is unable to share more money for the foreseeable future, although a spokesperson for the Fund, Marwan Bakrali, said it had $60 billion in cash and other financial instruments, calling it "very liquid by regional standards."
