A PROPOSAL to set up a Saudi sovereign wealth fund attracted debate at a meeting of the kingdom's influential Shoura council advisory body but failed to yield a result, reported state media.A report by the council's financial committee has said the
Details of its investment strategy have yet to be disclosed publicly, but if the proposed fund is run like the sovereign wealth funds of other wealthy Gulf states such as
So far the country's central bank, the
The size of Saudi foreign reserves suggests the new sovereign wealth fund could become one of the largest in the world, depending on the proportion of reserves it was allocated.
"After the committee presented its report ... differing opinions emerged between setting up the fund or finding the performance of SAMA and the
Local media said the proposed Saudi fund would start with capital of 30 per cent of budget surpluses accumulated over past years. In 2013 alone, the government posted a budget surplus of SR206 billion.
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