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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Financials

Saudi Arabia considers cutting energy subsidies to manage budget deficit

Posted on 28 October 2015

The kingdom has financial reserves of about 100 per cent of GDP, but has sold foreign reserves and tapped local bond markets, while its sovereign wealth fund has sold assets in a bid to generate enough cash to plug the deficit.
Sama Foreign Holdings, the kingdom’s sovereign wealth fund, has sold up to $70 billion of assets as it seeks to plug the gap in spending, the Financial Times reported last month, while Nasdaq estimates that it has sold a further $1.8bn of its European equity holdings. Saudi Arabia is scheduled to offer $27bn in debt to local markets by the end of the year………………………………………..Full Article: Source


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