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08-06-14

Saudi launches its first sovereign wealth fund

(MENAFN) Saudi Arabia said it plans to launch its first sovereign wealth fund to help manage budget surpluses, which results from a boost in crude prices estimated at hundreds of billions of dollars, according to Gulf Daily News. The central bank has managed investment of the kingdom's foreign currency reserves until now, much of it in US Treasury bonds. Saad Mareq from the Shura Council financial affairs committee said that the fund will be tasked with investing state reserves to "assure the kingdom's financial stability." The kingdom has announced budget surpluses totaling some USD232 billion since 2011 until this year.