07/31/2014

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SAUDI ARABIA: Cabinet clears PIF to establish domestic and overseas companies

The PIF, established in 1971 to help finance projects of strategic importance to the domestic economy, has about USD 5.3-billion of government-owned funds under management, said local media reports.

Noting that PIF until now has had to go through the lengthy process of obtaining cabinet approval for projects, al-Assaf explained this decision aims to give the fund more flexibility and expand investment overseas.(Syed Rashid Ali, Karachi, Pakistan)

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