Part 3/16:
However, recent geopolitical tensions, fluctuating oil prices, and global shifts toward renewable energy have prompted the kingdom to reconsider its economic foundations. The Arab Spring protests of 2011 served as a wake-up call, emphasizing that political stability hinges on economic diversification. To this end, Saudi Arabia has championed initiatives like the Public Investment Fund (PIF), a nearly $1 trillion sovereign wealth fund designed to catalyze new industries. The PIF has become a financial powerhouse, funding infrastructure projects, sports leagues, and even investments in the burgeoning tech sector.