The Saudi Royal family have made moves to strengthen and grow its sovereign wealth fund to compete on the global stage. This week King Salman and Mohammed bin Salman are hosting key players in investing and finance at a summit aiming to raise the profile of the fund, which is on course to grow to a value of more than $2 trillion, according to HRH Crown Prince Mohammed bin Salman.
Saudi Finance ministers in charge of the sovereign wealth fund will be meeting with Stuart Gulliver – HSBC Holdings CEO , Larry Fink – BlackRock Inc. chief, and Masayoshi Son – SoftBank Group Corp Chairman and CEO.
Ministers are emphasising the need to grow the proportion of foreign holdings in the near future, commencing with a $500 million energy-efficiency company and a $2.4 billion stake in a Riyadh-based dairy-farm and food company. The PIF is also leading a $5 billion project to rejuvenate the Jeddah coastline along the Red Sea.
