Saudi Arabia is creating a $2 trillion Public Investment Fund,PIF the largest on earth, in preparation for the end of oil era,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.
The Man who will oversee the fund,Deputy Crown Prince Mohammed bin Salman said at the initial public offering could happen as soon as next year.
'What is left now is to diversify investments,’ the 30-year-old prince,So within 20 years, we will be an economy or state that doesn’t depend mainly on oil.’ Crown Prince Bin Salman told Bloomberg in an interview in Riyadh
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'.
The sale of Aramco could come as early as 2017.
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