Saudi Arabia transfers $27bn to wealth fund for deals away from oil

Saudi Arabia is transferring $27bn to the sovereign wealth fund to boost investments and diversify from oil.

Bloomberg News reports that the funds will be allocated to the Public Investment Fund from the kingdom’s reserves, according to a statement on the state-run Saudi Press Agency on Wednesday.

The PIF, as it’s known, will focus on international and domestic deals including some “high yield opportunities in the local market that support the private sector,” it said. The new funding represents an increase of about 17% to the PIF’s existing $159.9bn of assets.

Saudi Arabia is planning to transform the PIF from a domestically focused investment firm into a $2 trillion sovereign wealth fund as the OPEC member seeks to boost non-oil income. The fund made some of its highest-profile deals this year, including a $3.5bn investment in taxi-hailing app Uber Technologies and plans to put as much as $45bn into a $100bn global technology fund formed by Japan’s SoftBank Group.

To access the complete Bloomberg News article hit the link below:

Saudi Arabia Transfers $27 Billion to Wealth Fund for Deals

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