| Saudi Arabia needs to create a sovereign wealth fund to manage the oil windfall and rely on talented wealth managers to invest the funds, as this will help offset budget deficits, according to Ammar bin Ahmed Saleh Shata, CEO of Alkhabeer Capital. Speaking to Riyadh newspaper, Saleh said investing the reserves through a sovereign fund will help maintain the cash flow required to cover part of the state’s spending, and could cover budgetary deficits in case oil prices remain low.
He also suggested that the Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, should not interfere in the creation and management of these funds, but should focus on stabilizing the currency rate exchange...............................................Full Article: Source
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