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Saudi Arabia plans to sell state oil assets to create 2tn USD wealth fund
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Saudi Arabia plans to sell state oil assets to create 2tn USD wealth fund

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Saudi Arabia plans to sell state oil assets to create 2tn USD wealth fund

"Saudi Arabia is planning to establish a $2tn (£1.4tn) sovereign wealth fund by selling off its state petroleum assets in preparation for a world beyond oil.

Greenpeace said it was a pivotal moment akin to Switzerland abandoning banking, but others claimed Riyadh had long wanted to diversify its economy and spread its wealth though it had failed to do so.

If the fund was built up to $2tn, it would be more than double Norway’s sovereign wealth fund, regarded as the largest in the world by assets.

The move was revealed by the country’s powerful deputy crown prince, Mohammad bin Salman, and would mean the desert kingdom using its public investment fund (PIF) to buy up strategic financial and industrial assets abroad."

Full article on The Guardian

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