Monday, 29 August 2011

What to do with $550bn? Just keep investing - The National

Once the oil started gushing on Christmas Eve 1969, the money started rolling in. Rather than just handing out cigars and Cadillacs to the population, subsequent governments decided to put in place a pension fund that would save the country's oil wealth for future generations. Mr Grande is one of those charged with making the money work.

The fund invests all revenues from petroleum-related activities and reinvests all the dividends. It is now worth US$550 billion (Dh2.02 trillion), close to one year's GDP and projected to grow to $1tn over the next 10 years. The fund owns 1 per cent of the world's listed companies, and has offices in London, New York, Singapore and Shanghai.

The National caught up with Mr Grande in his offices in the country's central bank, in a quiet but pleasant part of Oslo.

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