Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18 per cent and 20 per cent of the total from 30 per cent.
Global business, technology and financial leaders have converged on the Saudi capital for the annual Future Investment Initiative (FII) summit, an opportunity for attendees to forge relations with some of Saudi Arabia's biggest companies and its $925 billion sovereign wealth fund.
The sovereign wealth fund is the main vehicle for Crown Prince Mohammed bin Salman's plans to steer the Saudi economy away from oil, with investments of hundreds of billions of dollars to develop new sectors and create more sustainable revenue streams.
However, the fund has been scaling back some of its flagship "giga-projects" due to rising costs.
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India must make itself quantum secure: Chowdhry
\"A lot of the early users have started thinking ahead of time and begun working on quantum computers so that they can actually learn how to do it. They do not replace classical computers, which will continue to be used for novel applications\"
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Tencent Fires Up AI Race With Hunyuan Turbo S
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Consumer spending strengthens, agri shines; past data revised
Benchmark indices tumble 2% after fresh US tariff shocker
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Apple Launches 'Age Assurance' Tech
Apple on Thursday said it will introduce a way for parents to share the age of a child with app developers without revealing sensitive information such as birthdays or government identification numbers.
Stocks slump, dollar towers as Trump tariffs ruffle markets
Equities slumped across Asia on Friday and the US dollar hovered near multi-week highs against the currencies of the country's top trading partners as concerns about an escalating global trade war soured market sentiment.
