December 18, 2018 / 5:46 PM / 3 months ago

Saudi finance minister says PIF policy is based on medium to long-term investments

FILE PHOTO: Mohammed Al-Jadaan, Saudi Minister of Finance, gestures during a news conference announcing the first Quarter of Saudi budget, in Riyadh, Saudi Arabia, May 11, 2017. REUTERS/Faisal Al Nasser

DUBAI (Reuters) - Saudi finance minister Mohammed al-Jadaan said on Tuesday the policy of the country’s sovereign fund, Public Investment Fund (PIF), is based on medium to long-term investments, and it did not contribute revenues to 2018 and 2019 budgets.

PIF, which is chaired by Crown Prince Mohammed bin Salman, manages over $250 billion in assets including stakes in Uber Technologies [UBER.UL].

Reporting by Marwa Rashad and Stephen Kalin; Editing by Saeed Azhar

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