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Sovereign Wealth Funds Briefing - Categorized | Market

Saudi state investment fund to set up new companies

Posted on 24 July 2014

Saudi Arabia’s Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim al-Assaf said.
His statement, quoted on Wednesday by the al-Sharq al-Awsat newspaper, was a fresh sign that Saudi authorities plan to use government-owned funds more actively to support economic reforms and development. The PIF was established in 1971 to help finance strategic economic projects. It has assets under management worth about $5.3 billion, according to the Sovereign Wealth Fund institute, which tracks state-run funds………………………………………..Full Article: Source


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