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Saudi to launch $5bn SWF
- Saudi Arabia: Tuesday, April 29 - 2008 at 13:14
Saudi Arabia is set to launch its first sovereign wealth fund with an initial capital base of 20 billion riyals ($5.3bn), reported the UK's Financial Times. Saudi officials are finalising approval for the fund, which will seek to maximise long-term returns, the Financial Times reported Tuesday, quoting Mansour Al-Maiman, secretary general of the Public Investment Fund, a group operating under the Ministry of Finance. The Public Investment Fund will set up an investment company that will launch the fund.
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Jeff Florian, Senior ReporterTuesday, April 29 - 2008 at 13:14 UAE local time (GMT+4)
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