Saudi Arabia is establishing a new company to oversee the investment of the assets of the oil-rich kingdom’s largest state-run pension fund, in a significant break from tradition.
The kingdom, which is ruled by King Abdullah and boasts the Arab world’s largest economy, has traditionally given the responsibility for managing its investments to the Saudi Arabian Monetary Agency (Sama), the de-facto central bank.
But under a move announced by the Saudi cabinet on Monday, the General Organisation for Social Insurance (Gosi) will establish a new fund to invest in local, regional and international stock markets. The fund, named the Hassana Investment Company, will also lead the development of real estate, commercial and services projects and be able to sell those projects, the statement said.
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