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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Domestic focus may limit clout of $2 trillion Saudi fund

Posted on 19 May 2016

Saudi Arabia aims to create the world’s biggest sovereign wealth fund, a $2 trillion behemoth that can throw its weight around global markets, but the fund’s growth abroad is likely to be slowed by its responsibility for aiding the economy at home. Building the Public Investment Fund (PIF) into “the largest fund in the world by far” is a cornerstone of radical economic reforms announced by Deputy Crown Prince Mohammed bin Salman last month to cut the kingdom’s reliance on oil.
The PIF, founded in 1971 to finance development projects in Saudi Arabia and until now little known abroad, is to grow from 600 billion riyals ($160 billion) to over 7 trillion riyals, helping make Riyadh a global “investment power”, he said. The biggest sovereign fund so far is Norway’s, worth $852 billion………………………………………..Full Article: Source


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