Saudi Arabia’s sovereign wealth fund plans to scale back the share of its international investments by about a third, drawing a line under the past decade’s multibillion-dollar global spending spree as it refocuses on the domestic economy.
The Public Investment Fund, which has about $930bn worth of assets, said it intended to cut the proportion of funds invested overseas to between 18 and 20 per cent, down from 30 per cent.
PIF governor Yasir al-Rumayyan told the Future Investment Initiative conference on Tuesday in Riyadh that initially most of the fund’s investments were domestic Saudi projects.
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