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Saudi wealth fund eyes $400 bn corpus, aims to double size by 2020

PIF is expected to receive proceeds from the planned sale of 5% of state oil company Saudi Aramco's shares

Reuters  |  RIYADH 

Saudi Arabia's main sovereign wealth fund wants to increase its financial clout to 1.5 trillion riyals ($400 billion) by 2020 as part of the kingdom's efforts to boost private-sector growth and wean itself off oil export dependence. The assets-under-management goal, laid out by the Public Investment Fund (PIF) on Wednesday, came on the second day of an international conference in Riyadh. It was accompanied by the publication of PIF's first comprehensive business programme, outlining targets for investments and returns for 2018-2020. PIF, which is expected to receive ...

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First Published: Wed, October 25 2017. 16:31 IST