Custodian of the Two Holy Mosques Directs to Allocate SR 100 Billion from Kingdom's Reserves for PIF Account

Wednesday 1438/3/1 - 2016/11/30
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Riyadh, Rabi'I 01, 1438, November 30, 2016, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud issued a directive, upon a recommendation of the Council of Economic Affairs and Development, allocating an amount of SR 100 billion from the Kingdom's reserves for the account of the Public Investments Fund (PIF) aiming to diversify the investment portfolio and improve the revenues of investment.
PIF explained that, according to its investment strategy, the PIF will focus over the coming period on a number of promising opportunities in the domestic and international markets, particularly some expected high yields opportunities in the local market that supports the private sector investments and promote economic growth and local contents.
The allocated fund would be invested according to specific periodic phases and in light of the Kingdom's vision 2030 and its objectives. Such investments are expected to have a positive role on the overall investments revenues and the diversification of the national income resources as well.
-- SPA
01:55 LOCAL TIME 22:55 GMT