Saudi prince Salman, the king’s favored son, has been at it again: three months after telling The Economist of plans to privatize Aramco he has used a lengthy interview with Bloomberg to lay out plans for a $2trn wealth fund. Saudi Arabia is planning to establish a $2 trillion sovereign wealth fund to help diversify the economy away from oil, Saudi Deputy Crown Prince Muhammad bin Salman told Bloomberg in a five-hour interview that ended at 4am on 31 March.
The 30-year old prince, who is also Defense Minister (and as such mastermind of the ongoing war in Yemen), head of Saudi Aramco’s Supreme Council and head of the country’s Council of Economic and Development Affairs, says that Saudi Arabia’s existing state-owned Public Investment Fund (PIF) will be transformed into a sovereign wealth fund to serve as the kingdom’s investment arm in acquiring strategic financial and industrial assets across the world. (CONTINUED - 965 WORDS)
