SAUDI SOVEREIGN WEALTH FUND WILL REORGANIZE MANAGEMENT AMID BUDGET CRUNCH

Saudi Arabia's $925 billion sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities from governor Yasir Al-Rumayyan. The Public Investment Fund (PIF) aims to sharpen its focus on investments that have a higher chance of success, said the people, after scaling back some of its flagship "giga-projects" due to rising costs.
It also hopes to attract more foreign investment into some projects. A third source said it may also review some expenses including costly consultancy assignments. The fund, the main vehicle for Crown Prince Mohammed bin Salman's plans to steer the Saudi economy away from oil, has a sprawling portfolio of investments ranging from date farms to multinational conglomerates.
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