Saudi prepares to launch first sovereign wealth fund - Your Middle East:
"Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, state media reported Saturday.
The central bank has managed investment of the kingdom's foreign currency reserves until now, much of it in US Treasury bonds.
The consultative Shura Council is due to discuss a draft law for the National Reserve Fund in meetings Monday and Tuesday in Riyadh, state news agency SPA reported.
The report gave no indication of whether any change in investment strategy was envisioned."
'via Blog this'
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