Saudi Arabia’s sovereign wealth fund reduces overseas investments
Date
11/3/2024 3:51:26 AM
(MENAFN) Saudi Arabia’s sovereign wealth fund intends to reduce its overseas investments by approximately one-third, as announced by its governor at a conference in Riyadh on Tuesday. This move aligns with the Kingdoms efforts to utilize its resources to transition the Economy away from oil dependence.
During a panel with leaders from business, technology, and finance, Public Investment Fund Governor Yaser Al Rumayyan stated that the fund is shifting its focus toward the domestic economy, setting a goal to reduce international investments to between 18 and 20 percent of the overall, down from 30 percent.
Global business, technology, and financial executives have gathered in Riyadh for the annual Future Investment (FII) summit, providing a platform for attendees to connect with major Saudi companies and the USD925 billion sovereign wealth fund.
This year, the event might assess investor interest in Saudi Arabia’s financial transformation amid concerns about escalating conflict in the Middle East. The sovereign wealth fund serves as the primary tool for Crown Prince Mohammed bin Salman’s strategy to shift the Saudi economy away from oil, with plans to invest hundreds of billions in developing new sectors and establishing more sustainable revenue sources.
Nonetheless, the fund has started to reduce some of its key "giga-projects" due to increasing costs.
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