Financial

Market misery deals sovereign wealth funds historic setback in 2022
Announcement, Business, Economy, Financial, Social Impact

Market misery deals sovereign wealth funds historic setback in 2022

Stock and bond market declines during the last year have reduced the total worth of the world's sovereign wealth and public pension funds for the first time ever - by $2.2 trillion, according to an annual survey of the industry. According to Global SWF's study on state-owned investment vehicles, the value of assets managed by sovereign wealth funds declined to $10.6 trillion from $11.5 trillion, while that of public pension funds fell to $20.8 trillion from $22.1 trillion. According to Global SWF's Diego López, the key reason was the "simultaneous and massive" 10 percent-plus corrections in major bond and stock markets, a combination that had not occurred in 50 years. It happened as Russia's invasion of Ukraine drove commodity prices higher and inflation rates to 40-year highs...
Saudi Arabia’s non-oil sector growth highest since September 2021 as PMI hits 58.5
Economy, Entrepreneurs, Financial, Investment

Saudi Arabia’s non-oil sector growth highest since September 2021 as PMI hits 58.5

According to a report, Saudi Arabia's Purchasing Managers' Index hit 58.5 in November, the highest level since September 2021, as the Kingdom's non-oil private sector expands despite mounting inflationary pressures. According to the most recent Riyad Bank Saudi Arabia PMI survey, the Kingdom's non-oil private sector has grown for the 27th consecutive month. Saudi Arabia's PMI was 57.2 in October, up from 56.6 in September. S&P Global's index shows that numbers above 50 indicate expansion, while levels below 50 indicate contraction. “The Saudi economy (continued) its expansion in the non-oil sector in November, business conditions have improved across the board in light of rising demand,” said Naif Al-Ghaith, chief economist at Riyad Bank. According to Al-Ghaith, outp...