Saudi Arabia’s Shura Council, a consultative body which advises the government, last week considered a proposal to establish a sovereign wealth fund (SWF) for the kingdom, without reaching a decision.

A committee from the council said that it had completed drafting a proposal to establish the fund; this was then submitted to the members for discussion. But the committee’s members were divided – some questioned the need to create a wealth fund to manage the kingdom’s investments, arguing that they are adequately being handled by the country’s central bank, the Saudi Arabian Monetary Agency (SAMA). (CONTINUED - 968 WORDS)