Saudi to set up $5.3 billion wealth fund

Saudi Arabia is in the final stages of launching its first sovereign wealth fund.

The Financial Times said on Tuesday that the fund will start off managing SR20 billion ($5.3 billion). However, that amount could increase over time.

Mansour al-Maiman, the secretary general of Saudi Arabia's Public Investment Fund, which is launching the new vehicle, told the newspaper that the initial size "does not preclude increasing the size of its capital...or otherwise broadening the size of assets under

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