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