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Saudi Arabia to launch sovereign fund

Saudi Arabia’s Shoura Council is set to discuss a draft law for the National Reserve Fund in meetings scheduled for today and tomorrow in Riyadh, Arab News has reported. The fund will be tasked with investing state reserves “to assure the kingdom’s financial stability,” said Saad Al-Mareq, chairman of the financial affairs committee at the consultative body. According to the draft law, the fund will start with capital representing 30% of budgetary surpluses accumulated over the years.