Saudi fund says no plan to cut local equity holdings

Saudi office workers monitor the stock market at a bank in Riyadh. (File photo: Reuters)

Saudi Arabia’s Public Investment Fund (PIF), the country’s main sovereign wealth fund, said it had no plan to sell stakes in local companies.

“Contrary to inaccurate media speculation this morning, the Public Investment Fund has no plan or intention to reduce its equity holdings in Saudi Arabia,” the PIF said in a statement emailed to Reuters on Wednesday.

Bloomberg quoted unnamed sources as saying on Tuesday that the PIF, which owns stakes in local companies worth tens of billions of dollars, was considering selling some of those shares.

Under economic reform plans announced this year, the government aims eventually to expand the PIF, founded in 1971 to finance development projects in the kingdom, from $160 billion to about $2 trillion and increase its investments abroad.

Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49