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Home / Other / World / Saudis to create $ 2 trillion fund

Saudis to create $ 2 trillion fund

Saudi Arabia prepares for the end of "oil era" and creates the world's largest sovereign fund for the most valuable assets of the kingdom, Bloomberg reported. As a result, the country's main source of income should be investments, not oil.

Assets for more than $ 2 trillion will be transferred to supervision of the Public Investment Fund (PIF), which will help to reduce the role of oil to the economy, Deputy Crown Prince of Saudi Arabia, Mhammad bin Salman said. According to the Prince, Saudi Arabia will sell shares of the state-owned corporation Saudi Arabian Oil Company (Saudi Aramco) and will turn it into an industrial conglomerate. IPO Saudi Aramco may take place in the next year, the country now plans to sell at least 5% of the company. "IPO Aramco and transfer of its shares to PIF will technically make investments, not oil, a source of Saudi Arabia government revenue" - Mohammed bin Salman stated. "Now it is necessary to diversify investments. During 20 years we will have become a country that does not depend primarily on oil, "- he added.

The sale of Aramco, as it is expected, to take place in 2018, or even a year before, the prince said. The Fund will play a key role in the economy of Saudi Arabia investing both domestically and abroad. PIF funds will be enough to buy Apple, Google parent company (Alphabet Inc.), Microsoft, and Warren Buffett's Berkshire Hathaway investment company – the four world's largest publicly traded companies. PIF plans to increase the share of foreign investment from the current 5% to 50% by 2020, the Fund’s Chairman of the Board Yasir Al Rumayyan said to Bloomberg.

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