Saudi king allocates 100b riyals to public investment fund

RIYADH, 30th November, 2016 (WAM) — The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has issued a directive, on the recommendation of the Council of Economic Affairs and Development, allocating an amount of SR100 billion from the Kingdom’s reserves for the account of the Public Investments Fund, PIF, aiming to diversify the investment portfolio and improve the revenues of investment.

According to the Saudi Press Agency, SPA, PIF explained that, according to its investment strategy, it will focus over the coming period on a number of promising opportunities in the domestic and international markets, particularly some expected high yields opportunities in the local market that supports the private sector investments and promote economic growth and local contents.

The allocated fund would be invested according to specific periodic phases and in light of the Kingdom’s vision 2030 and its objectives. Such investments are expected to have a positive role on the overall investments revenues and the diversification of the national income resources as well.