Saudi Arabia Planning Sovereign Wealth Fund, Reuters Says
- Nation said to be seeking proposals from banks, consultants
- Report says Saudi Arabia focusing on businesses outside energy
The King Abdullah financial district sits on the horizon seen from a skyscraper under construction in Riyadh.
Photographer: Waseem Obaidi/BloombergThis article is for subscribers only.
Saudi Arabia plans to set up a sovereign wealth fund to manage part of its oil fortune and diversify its investments, according to Reuters.
The nation is seeking proposals from investment banks and consultants, the news service reported, citing unidentified people familiar with the matter. The sovereign wealth fund is said to be focusing on businesses outside the energy industry and may be active within one to two years with an office in New York, Reuters reported.