Saudi Arabia's Wealth Fund Restructures After Years of Major Spending

Saudi Arabia is restructuring its main investment fund following a period of significant spending. The Public Investment Fund (PIF) is central to Crown Prince Mohammed bin Salman's plan to diversify the nation's economy away from oil. The fund's past investments have been costly and produced mixed results. This has reportedly left it with limited immediate cash. The current restructuring is an internal effort to reposition the PIF for its future goals. These goals include funding massive domestic projects in technology, tourism, and industry.