Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi prepares to launch first sovereign wealth fund  Join our daily free Newsletter

MENAFN - AFP - 07/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) 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.

The fund will be tasked with investing state reserves to "assure the kingdom's financial stability," Shura Council financial affairs committee Saad Mareq told Saudi daily Asharq Al-Awsat.

The newspaper said the fund will start with capital representing 30 percent of budgetary surpluses accumulated over the years in the kingdom, the world's largest exporter of crude oil.

Riyadh has built up significant foreign currency reserves because of rises in the price of crude oil on the international market.

There are no official figures available, but financial experts estimate its combined assets at around 700 billion (515 billion euros).

In the past three years alone, the kingdom has announced budget surpluses totalling some 232 billion.


 






  MENA News Headlines
 Jul 24 2014 - A forgotten tragedyUN experts call for a stronger response to internal displacement in NigeriaMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- Two United Nations human rights experts today called on the Government of Nigeria and the international community ...

 Jul 24 2014 - Address by Cathy McLeod Parliamentary Secretary to the Minister of LabourMENAFN Press
(MENAFN Press) OTTAWA Canada July 24 2014/African Press Organization (APO)/ -- Check Against Delivery Good morning/afternoon. Thank you for joining us. We are here today to discuss a global ...

 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help