The Saudis are indeed the most corrupting force on the planet…….
Saudi Arabia planning for the end of the oil age by creating a $2 TRILLION investment fund which would be big enough to buy Google, Apple and Microsoft
- Second-in-line to Saudi Arabian throne announced public investment fund
- The Deputy Crown Prince said the kingdom must ‘diversify its investments’
- PIF will be enough to buy Google, Apple and Microsoft with money to spare
- Kingdom hopes to be economy that doesn’t depend on oil within 20 years
- Saudi Arabia insists it will only freeze output if other key producers do too
Deputy Crown Prince Mohammed bin Salman oversees the Public Investment Fund (PIF)
Saudi Arabia is preparing for the end of the oil age by creating a $2trillion investment fund which is set to be ‘the largest on Earth’.
The Public Investment Fund (PIF) established by the kingdom’s second-in-line to the throne will eventually be large enough to buy Google, Apple and Microsoft with money to spare.
Deputy Crown Prince Mohammed bin Salman, who oversees the fund, claims that the initial public offering could happen as soon as next year.
It comes as Saudi Arabia, the world’s biggest crude exporter, insists that it will only freeze its oil output if other key producers, including Iran, take a similar measure.
‘What is left now is to diversify investments,’ the 30-year-old prince told Bloomberg, during an interview from the royal compound in the kingdom’s capital, Riyadh.
‘So within 20 years, we will be an economy or state that doesn’t depend mainly on oil.’
It is nearly 80 years since the first oil was discovered in Saudi Arabia but, with crude prices plummeting worldwide, the nation plans to shake its dependence on the market.
One of the first steps will be for Saudi Arabia to sell shares in Aramco’s parent company, which will transform the oil giant into an ‘industrial conglomerate’.