Analysis: How rich is Saudi Arabia? Kingdom does the math in balance sheet overhaul

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Saudi Arabia wants to demystify its finances.

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FILE PHOTO: Saudi woman walks at the Saudi stock market , in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri/File Photo

Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund , Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel. Gulf countries don’t typically publish information about their overall debts and assets but the PIF’s riskier investment profile and infusion of state funding have made its opacity an issue for some investors.

“If we use benchmarks we will see countries spent a couple of years to implement the consolidation phase,” he said of the project.Its assets have swelled to $400 billion as of 2020 from $150 billion in 2015, with the fund bolstered by an expected $70 billion payday from Saudi Aramco, the state oil company, for PIF’s stake in a petrochemical giant and a $40 billion transfer from the central bank’s foreign reserves.

The government has been pushing through economic policies since 2016 aiming to create millions of jobs and reduce unemployment to 7% by 2030. But fiscal austerity to contain a yawning deficit has slowed investment, and the coronavirus crisis last year pushed unemployment up to a record 15.4%.

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Laughable! Get REAL!! Soon, with electric cars and Green energy the high & mighty Saudis can drink their fuckin oil!

A year ago or two..they spent half a billion dollars for a DE Vinci painting.

Rich in money but morally bankrupt.

Pagdi_Sambhal_Jatta MSPLawForAllCrops ModiIgnoringFarmersDeaths FarmersProstests Ban_EVM ModiParJivi🐛 BoycottBollywood ModiPlanningFarmerGenocide

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