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Strategies & Market Trends : Befriend the Trend Trading

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From: Dr. Stoxx	12/24/2007 9:14:21 AM
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08:47 Saudis plan huge sovereign wealth fund - FT FT reports Saudi Arabia plans to establish a sovereign wealth fund that is expected to dwarf Abu Dhabi's $900 bln and become the largest in the world. The new fund will be a formidable rival for other govt-owned investment funds in the Middle East and Asia, which are playing an increasingly active role in channelling capital to western cos, particularly financial cos hard hit by the US mortgage meltdown. The effort is likely to be spearheaded by Saudi Arabia's Public Investment Fund, which has a mandate to invest only internally. Previously, the Saudis' oil wealth had gone partly to the kingdom's central bank, the Saudi Arabian Monetary Authority, and partly into the coffers of the ruling family.

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