Pakistan, Aug. 15 -- Saudi Arabia's nearly $1 trillion sovereign wealth fund, the Public Investment Fund (PIF), has taken an $8 billion write-down on some of its most high-profile gigaprojects - vast developments meant to reshape the kingdom's economy and image.

PIF valued gigaprojects on its books at 211 billion riyal ($56.24 billion) as of end-2024, over 12% lower than the 241 billion riyal in 2023, the company said in its 2024 annual report released Wednesday.

The accounting move reflects cost overruns, delays and shifting market conditions for projects such as NEOM, the desert mega-city nearly the size of Belgium intended to house nearly nine million people on the Red Sea.

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