FINANCIAL NEWS

Saudi Arabia allots 100bn riyals to public investment fund

30 Nov 2016

(MENAFN) Saudi Arabia’s King approved the allocation of USD26.67bn from the kingdom’s reserves to the Public Investment Fund (PIF).

Moreover, the funds would be used to help both global and regional investments, especially chances in the local market to build the private sector.

On the other hand, the fund will also increase investments abroad, while it bought a stake in U.S. ride-hailing firm Uber for USD3.5bn.

The fund proclaimed plans to buy a main stake in Adepito, the Gulf-based investment firm which controls Kuwait Food Co. (Americana).

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