FINANCIAL NEWS

Saudi Arabia plans to make new sovereign fund

16 Jan 2016

(MENAFN) Saudi Arabia intends to create a new ruler fund in order to organize part of its oil wealth and expand its investments.

Additionally, the new fund could change the way tens of billions of dollars are financed and influence of the world’s leading asset managers.

The Saudi government sent a “request for proposal” to banks and consultants a year earlier, searching ideas on how to build a new fund.

Moreover, the fund would concentrate on investing in businesses outside the energy industry, like industrials, chemicals, maritime.

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