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Saudi Fund Said to Explore Asset Sales for Overseas Deals

  • Public Investment Fund has about $100 billion of local assets
  • Fund planning to increase foreign investments to 50% by 2020
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Saudi to Make PIF World's Biggest Fund

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Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter.

The Public Investment Fund -- with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. -- is reviewing the stakes as it seeks to diversify its assets, the people said, asking not to be identified as the discussions are private. The fund could reduce its holdings in local companies and retain control through measures such as golden shares, one of the people said.