Wednesday, April 27, 2016

Saudi Arabia creates $2 trillion investment fund for post-oil era


Saudi Arabia's Deputy Crown Prince Mohammed bin Salman unveiled ambitious plan "Vision 2030" aimed at ending the kingdom's "addiction" to oil and transforming it into a global investment power. The kingdom would raise the capital of its public investment fund (PIF) to 7 trillion riyals ($2 trillion).
Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. This is a move towards a transformation of the world’s biggest crude exporter into an economy fit for the next era. PIF will then play a major role in the economy, investing at home and abroad. It would be big enough to buy Apple Inc., Google parent Alphabet Inc., Microsoft Corp. and Berkshire Hathaway Inc. -- the world’s four largest publicly traded companies. Read more at http://www.reuters.com