Saudi Arabia Transfers $27 Billion to Wealth Fund for Deals - Bloomberg

Saudi Arabia Transfers $27 Billion to Wealth Fund for Deals - Bloomberg:
"Saudi Arabia is transferring 100 billion riyals ($27 billion) to the sovereign wealth fund to boost investments and diversify from oil.

The funds will be allocated to the Public Investment Fund from the kingdom’s reserves, according to a statement on the state-run Saudi Press Agency on Wednesday. The PIF, as it’s known, will focus on international and domestic deals including some “high yield opportunities in the local market that support the private sector,” it said. The new funding represents an increase of about 17 percent to the PIF’s existing 600 billion riyals of assets.

Saudi Arabia is planning to transform the PIF from a domestically focused investment firm into a $2 trillion sovereign wealth fund as the OPEC member seeks to boost non-oil income. The fund made some of its highest-profile deals this year, including a $3.5 billion investment in taxi-hailing app Uber Technologies Inc. and plans to put as much as $45 billion into a $100 billion global technology fund formed by Japan’s SoftBank Group Corp."

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