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Tuesday, 24 November 2009 10:30 UAE time

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Saudi gov't to launch $5.3bn investment company

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 29 April 2009
INVESTMENT FIRM: The Saudi government plans to invest in equities, real estate, commodities, foreign currencies and bonds. (Getty Images)
INVESTMENT FIRM: The Saudi government plans to invest in equities, real estate, commodities, foreign currencies and bonds. (Getty Images)

A new $5.33bn investment company owned by the government of Saudi Arabia, the world's largest oil exporter, will start operations next week, a senior Saudi official said on Tuesday.

The government announced last year its intention to set up the firm, called Sanabil Al Saudia, with a mandate to invest in equities, bonds, real estate, foreign currencies and commodities in Saudi Arabia and abroad.

"It is expected that Sanabil's advisers will begin work next week," Mansour Al Maiman, secretary-general of the Public Investment Fund (PIF), the finance ministry's investment arm, told a news conference.

"We will work together next week with consultants to prepare for launching the company," Maiman said.


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Saudi Arabia's state investments abroad have so far been managed by the kingdom's central bank, which gives few details of its investment strategy. (Reutersl)

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