Saudi Arabia is planning to set up a new sovereign fund for diversifying its investments and overseeing a portion of its oil wealth.
People privy to the matter, the kingdom also asked consultancies and investment banks to present proposals for the project.
Sources said maintaining the foreign reserves at an acceptable level is needed to bolster the real and retain a sturdy financial position. Another source added the government did not disclose the size of the new sovereign fund.
As of present, Saudi’s state budget deficit is at record high while net foreign assets plunged over $100 billion in 15 months.
The material has been provided by InstaForex Company – www.instaforex.com