Saudi Arabia's King Salman. (Image credit: Adem Altan/AFP/Getty Images)

Saudi king allocates extra $26bn to SWF to boost investment revenues

Move comes as net foreign assets at Saudi Arabia's central bank shrank by $10.8bn in October

Saudi Arabia's King Salman bin Abdulaziz Al Saud has issued a directive to allocate SR100 billion ($26.6 billion) from the kingdom's reserves to the Public Investments Fund (PIF) in a bid to boost investment revenues.

According to the Saudi Press Agency, the country's sovereign wealth fund will focus over the coming period on a number of promising opportunities in domestic and international markets, particularly some expected high yields opportunities in the local market.

Under economic reforms announced early this year, the Saudi government said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 billion to about $2 trillion and increase investments abroad.

The move comes as net foreign assets at Saudi Arabia's central bank shrank by $10.8 billion from a month earlier to...Read more...

Source: arabianbusiness.com