Sunday 20 April 2014

Saudi Cabinet approves $5.3bn investment firm

Riyadh, July 15, 2008

The Saudi government said it had approved the setting up of an investment firm with capital of 20 billion riyals ($5.3 billion) that will invest in stocks, bonds, real estate, foreign currencies and commodities.

The government-owned Sanabil al-Saudia will also manage investment portfolios for other parties, state-run Saudi Press Agency reported, quoting a cabinet statement.

The statement did not clearly say whether Sanabil would make investments abroad.

Saudi Finance Minister Ibrahim Al-Assaf said in remarks published on Tuesday that Sanabil will invest both in Saudi Arabia and other countries. - Reuters

Tags: Saudi | investment firm | Sanabil al-Saudia |

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