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Saudi king puts 100b riyals into Public Investment Fund

King Salman approves movement of money from reserves to support foreign and local investment

Riyadh: Saudi Arabia’s King Salman approved the allocation of 100 billion riyals (Dh98 billion) from the kingdom’s reserves to the Public Investment Fund on Wednesday, according to a statement carried by state news agency SPA.

The funds would be used to support both foreign and local investment, particularly opportunities in the local market that would help to build the private sector, the statement said.

It did not elaborate on a timeline for the investments.