October 5, 2018 / 8:48 PM / 8 months ago

Saudi crown prince says sovereign wealth fund will surpass $600 bln target by 2020

RIYADH, Oct 5 (Reuters) - Saudi Arabia’s Crown Prince Mohammed bin Salman said the kingdom’s main sovereign wealth fund (PIF) will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean economy off oil.

“We are now above $300 billion, we’re getting close to $400 billion. Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,” the prince said in a Bloomberg interview published on Friday.

He added that the fund, with more than 50 percent of its investments located in Saudi Arabia will be investing in more places next year.

The young prince also said that the country’s 2019 budget will exceed 1 trillion riyals ($267 billion) for first time. (Reporting by Marwa Rashad Editing by Matthew Mpoke Bigg)

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