Saudi Arabia to Form Entity With $29 Billion in Equity Holdings
- Cabinet approves combination of Public Pension Agency, GOSI
- PPA, GOSI also own other assets including bonds, real estate
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Saudi Arabia will combine two state-run pension and unemployment insurance funds into an entity with almost $29 billion of local and foreign stocks.
The cabinet approved the combination of the Public Pension Agency and the General Organization of Social Insurance, also known as GOSI. It’ll boost investment returns, reduce costs and help with their diversification, Finance Minister and GOSI Chairman Mohammed Al Jadaan said in a statement.