Saudi Arabia’s PIF joins Russia and China in $2.5bn ‘trilateral’ investment fund

Participants attend the last day of the Future Investment Initiative FII conference in the Saudi capital Riyadh on October 25, 2018. (AFP)
Updated 26 October 2018

Saudi Arabia’s PIF joins Russia and China in $2.5bn ‘trilateral’ investment fund

  • Saudi Arabia’s Public Investment Fund (PIF) is to join forces with Russia's RDIF
  • PIF will contribute $500 million to the investment fund, raising total capital under management to $2.5 billion

RIYADH: Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) is to join forces with Russian sovereign wealth fund RDIF as a new partner in the joint Russia-China Invesment Fund, it was announced on Thursday.

As part of the agreement, Saudi’s PIF will contribute $500 million to the investment fund, raising its total capital under management to $2.5 billion, Russia’s RDIF added in a statement.


Saudi Arabia's preliminary 2021 budget sees lower spending

Updated 2 min 55 sec ago

Saudi Arabia's preliminary 2021 budget sees lower spending

Saudi Arabia plans to cut spending by 7.5% in next year's budget to 990 billion riyals ($263.94 billion) from this year's 1.07 trillion riyals ($285.27 billion), it said in a preliminary budget statement on Wednesday.
It expects a 12% budget deficit for 2020, falling to 5.1% next year, the document showed.
Spending is expected to decrease to 955 billion riyals and 941 billion riyals in 2022 and 2023, respectively, with the deficit shrinking to 3% and 0.4% in those two years.