Custodian of the Two Holy Mosques King Salman speaks during the inauguration of development projects at Al-Aziziah Palace in Alkhobar on Monday.
Custodian of the Two Holy Mosques King Salman has issued a directive to allocate SR100 billion from Saudi Arabia’s reserves to the Public Investment Fund (PIF).
The move to bolster the Kingdom’s sovereign wealth fund was made after a recommendation from the Council of Economic Affairs and Development, according to state news agency SPA.
It is intended to diversify the investments of the fund and improve the revenues from its portfolio, it was reported.
The fund said it will focus on opportunities in the domestic and inteational markets, although no timeframes were given.
PIF is expected to focus on “some expected high yields opportunities in the local market that supports the private sector investments and promote economic growth”. The move to bolster PIF is in line with the Kingdom’s ambitious Vision 2030 reform plan, SPA added.