The movement of funds from Saudi Arabia to the PIF from SAMA, as the central bank is known, indicates that the role of the central bank could be gradually shifting, Mohamad Al Hajj, Dubai-based equity strategist for the Middle East and North Africa at EFG-Hermes U.A.E. Ltd.
Breaking News
Saudi can possibly have a winter wonderland as snow covers its deserts.
The Kingdom of Saudi Arabia's sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, according to five people with knowledge of the matter.
Softbank will give its Investment and will tie up with Saudi Arabia with a multibillion investment.
Next month, Iran is going to reduce prices for all its oil grades export to Asia, according to two people who knew the decision. There will be a reduction on the premium on its main light crude over the similar Saudi blend to the narrowest since the end of 2012 as reported by Bloomberg.
A lavish payout to public employees ordered by Saudi Arabia's new King Salman will help to sustain the kingdom's consumer boom and reassure financial markets that the government is not slashing expenditure in the face of low oil prices.
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
