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.

When Ethiopia's Prime Minister Abiyach Med set the army against breakaway forces in Tigray,

in November, he expected the conflict to last mere weeks. Now amid a growing famine,

rebels have run the army out, threatening stability in Ethiopia and the whole region.

And it's the 4th of July this weekend, a benchmark time for big Hollywood releases.

But it wasn't that way until the summer screening of JAWS in 1975.

And there's still never been a successful movie tackling the history of the holiday itself.

First up though.

The variant of the coronavirus called Delta is causing alarm, as it swiftly becomes the cause

of a majority of new COVID-19 cases all over the world.

Virus that highly contagious Delta variant now confirmed in every state in the country responsible.

Since the Delta variant has been identified in 85 countries and is spreading rapidly.

The variant has really contagious, much more contagious than previous variants.

In Britain, it now accounts for more than 95%.

Its spread was a key factor behind Prime Minister Boris Johnson's decision to delay the country's

full reopening. That's why we're so concerned by the Delta variant that is now spreading faster

...