Yngve Slyngstad, head of the Norwegian oil fund, and Mohammed bin Salman, Saudi Arabia’s deputy crown prince.
Saudi Arabia is charging for a life after oil. The weapon is a government fund of 2 000 billion, the largest of its kind. The reports Bloomberg.
The Deputy Crown Prince Mohammed bin Salman revealing plans for a state investment fund which will control more than 2000 billion dollars. The great Norwegian oil fund is worth less than half as much.
As part of the strategy, the Saudis to sell shares in the parent company to the state oil giant Aramco, which in turn is transformed into an industrial conglomerate. A first IPO may come as early as next year, according to the prince.
It is almost 80 years ago as the first Saudi oil was discovered. Now try King Salman’s 30-year-old son to turn the world’s largest oil-exporting country into a modern economy.
– Within 20 years we will be an economy or government are not mainly dependent on oil, says the prince, who is second in line of succession, to Bloomberg.
Already within a few years, the state investment fund play a big role in the Saudi economy.
the fund will invest in both their own country and abroad and be large enough to buy the world’s four largest listed companies: Apple, Alphabet, Microsoft and Berkshire Hathaway and still have money left over.
– Without a doubt this will be the world’s largest fund. It will get rid of as soon Aramco IPO, says Prince Mohammad told Bloomberg.
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