Saudi Arabia’s $400 billion sovereign wealth fund will find it tough to repeat its success of recent years when it made its mark globally as a source of cash for asset managers, tech entrepreneurs and tycoons.
Ahead of the kingdom’s flagship investment conference this week, Saudi Crown Prince Mohammed bin Salman laid out the fund’s strategy through 2025. It’ll spend at least $40 billion a year at home, creating new cities and industries, along with 1.8 million jobs. It plans to more than double assets it controls to over 4 trillion riyals ($1.1 trillion), putting it on par with the current size of Norway’s sovereign fund, the world’s biggest.
But as investors tune in Wednesday to the annual meeting dubbed “Davos in the Desert” by participants -- held as a hybrid virtual-physical event due to Covid-19 -- many will recall that Saudi Arabia’s track record on ambitious projects is patchy.
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