RIYADH (AFP) – The governor of Saudi Arabia’s sovereign wealth fund said yesterday it would reduce the portion of its overseas investments.
Describing how the Public Investment Fund (PIF) had grown over the past decade or so, Yasir al-Rumayyan told an investment forum in Riyadh that the share of international investments had jumped from less than two per cent to 30 per cent.
“Now our target is to bring it down to a range between 18 to 20 per cent,” he said. “Having said that, the absolute dollar amount, it’s still growing.”
The PIF has been the engine of Crown Prince Mohammed bin Salman’s Vision 2030 reform agenda, which aims to diversify the economy of the world’s biggest crude exporter away from oil.
Founded in 1971, the PIF maintained a low-profile portfolio for decades until a 2015 Cabinet resolution reconstituted its board and named Prince Mohammed chairman.
