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Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era

This is a discussion on Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era within the Current Events forums, part of the Tech Support Forum category. Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund


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Old 04-01-2016, 06:39 PM   #1
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Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.

Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 percent

“IPOing Aramco and transferring its shares to PIF will technically make investments the source of Saudi government revenue, not oil,” the prince said in an interview at the royal compound in Riyadh that ended at 4 a.m. on Thursday. “What is left now is to diversify investments. So within 20 years, we will be an economy or state that doesn’t depend mainly on oil.”

Almost eight decades since the first Saudi oil was discovered, King Salman’s 30-year-old son is aiming to transform the world’s biggest crude exporter into an economy fit for the next era. As his strategy takes shape, the speed of change may shock a conservative society accustomed to decades of government handouts.
Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince - Bloomberg

Looks like Saudi is following the Dubai model . . They could be a new player in the international financial markets if they follow thru
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Old 04-02-2016, 07:50 PM   #2
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Originally Posted by Old Rich View Post

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince - Bloomberg

Looks like Saudi is following the Dubai model . . They could be a new player in the international financial markets if they follow thru
I just listened to a planet money episode about this...

They are actually raising rates on utilities now and trying to convince the younger generation to branch out and learn something other then the oil industry...

That is going to be the tough part being that 90% of the employment in SA is with the government
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Old 04-22-2016, 04:20 AM   #3
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Tough times ahead for them! But I guess in addition to oil they still have one permanent source of income the primary being the pilgrimage. They earn about $20 billion per year through the pilgrimage alone.
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