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8 months ago
Saudi king allocates 100 bln riyals from reserves to public investment fund
November 29, 2016 / 11:11 PM / 8 months ago

Saudi king allocates 100 bln riyals from reserves to public investment fund

1 Min Read

RIYADH, Nov 30 (Reuters) - Saudi Arabia's King Salman approved the allocation of 100 billion riyals ($26.67 billion) from the kingdom's reserves to the Public Investment Fund on Wednesday, according to a statement carried by state news agency SPA.

The funds would be used to support both foreign and local investment, particularly opportunities in the local market that would help to build the private sector, the statement said.

It did not elaborate on a timeline for the investments. ($1 = 3.7498 Saudi riyals) (Reporting by Ahmed Tolba, writing by Katie Paul, editing by G Crosse)

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