Riyadh – Mubasher: Saudi Arabia has revealed plans to launch two sovereign funds with a combined value exceeding $18 billion in the coming period, the Wall Street Journal (WSJ) reported, citing informed sources as saying.
These investment funds are part of the kingdom’s plan to collaborate with global firms to revive foreign investments, the US-based newspaper added.
Saudi is also working to invest billions of dollars in the recreation sector and work with SoftBank's Vision Fund to attract technology firms to the country.
Regarding one of the funds, the sources said the Saudi government was in the final stages of launching an SAR 50 billion ($13.3 billion) fund that would contribute to developing partnerships with foreign companies.
The government has made a preliminary allocation of around $5 billion for the other fund, they added, noting that the intention behind the second fund has not yet been officially made clear.
