Saudi Arabia's economy is transforming. What's behind it? The Public Investment Fund, or PIF.

It's one of the largest sovereign wealth funds in the world, creating 13 new sectors,

66 companies, and more than 500,000 direct and indirect jobs so far. PIF is also the first

sovereign wealth fund to issue a green bond supporting Saudi Arabia's 2016 Net Zero emissions target.

Find out more at pif.gov.sa.

Hello and welcome to the Intelligence from the Economist. I'm your host, Jason Palmer.

Every weekday we provide a fresh perspective on the events shaping your world.

Peru has just sworn in a new president who campaigned on a hard left platform,

but it's hard to know just how he will govern or whether he'll even serve out his term.

He wants to push for constitutional change. Peruvians just want stability and COVID relief.

And think of a romance novel. I don't want to say trashy. Let's call it saucy.

Who are the protagonists? Historically, they're overwhelmingly rich,

dashing, and white. Our correspondent talks about a push for a bit of diversity in a monochrome genre.

But first, Facebook's latest quarterly profits were twice as high as they were a year ago,

putting the social media giant on track for permanent membership in the exclusive club of

companies with a market value of over $1 trillion. This was a good quarter for our product and

business. Unsurprisingly, Boss Mark Zuckerberg was pleased with the results yesterday.

And I'm excited about our product roadmap ahead. In laying out that roadmap, Mr. Zuckerberg

highlighted three key areas. Creators, commerce, and the next computing platform,

there's a reach important priorities for us and there's a reach that unlock a lot of value on

their own. But together, these efforts are also part of a much larger goal to help build the

metaverse. The metaverse, having conquered much of our two-dimensional social experience,

...