Saudi king allocates 100b riyals to public investment fund

Riyadh - The funds would be used to support both foreign and local investment.

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia, approved the allocation of 100 billion riyals ($26.67 billion) from the kingdom's reserves to the Public Investment Fund on Wednesday, according to a statement carried by state news agency SPA.
The funds would be used to support both foreign and local investment, particularly opportunities in the local market that would help to build the private sector, the statement said.
It did not elaborate on a timeline for the investments. ($1 = 3.7498 Saudi riyals)

• Saudi Arabia