Saudi Arabia Is Shifting Its Sovereign Wealth Fund Out of International Investments

The Financial Times reported that Saudi Arabia has announced that it plans to partially shift its Public Investment Fund out of international investments, much of which is speculative, and focus more on domestic development. The Public Investment Fund has about $930bn worth of assets, and they recently announced that they “intended to cut the proportion of funds invested overseas to between 18 and 20 per cent, down from 30 per cent.” PIF governor Yasir al-Rumayyan told the Future Investment Initiative conference on Tuesday in Riyadh: “We’re more focused on the domestic economy and we’ve been achieving and doing so many big things.”