Business | Investment
New Saudi sovereign fund worth just $6b
Saudi Arabia is planning to set up a sovereign wealth fund worth just $6 billion because its main investment focus is on domestic projects, the central bank governor was quoted saying this week.
- Reuters
- Published: 23:47 March 21, 2008
Riyadh: Saudi Arabia is planning to set up a sovereign wealth fund worth just $6 billion because its main investment focus is on domestic projects, the central bank governor was quoted saying this week.
"At this stage it is on the drawing board and it's not going to be sizeable. It will be around $6 billion only and run by the Public Investment Fund," Hamad Al Sayyari, head of the Saudi Arabian Monetary Agency, told the Oxford Business Group in a report sent to Reuters on Friday.
The Abu Dhabi Investment Authority is thought to be the largest sovereign fund in the world, with assets of over $800 billion.
The report said Saudi Arabia's main concern is "to focus on domestic development, economic diversification and job creation".
Sayyari's deputy, Mohammad Al Jasser, said in January, the kingdom, was planning to set up the fund.
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