Saudi Wealth Fund Shifts Focus to Domestic Investments Amid Global Summit

Saudi Arabia's sovereign wealth fund plans to cut its overseas investments from 30% to between 18% and 20% as the Kingdom focuses on domestic economic diversification. The shift was announced at the Future Investment Initiative (FII) summit in Riyadh, amid geopolitical tensions in the Middle East.

At the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia's sovereign wealth fund announced plans to reduce its overseas investments from 30% to between 18% and 20%.

Public Investment Fund Governor Yasir Al-Rumayyan emphasized a strategic pivot towards domestic investments to aid the nation's diversification efforts away from oil dependency.

The summit, which attracted various global finance and technology leaders, highlighted both the ongoing opportunities and geopolitical challenges in Saudi Arabia's economy.

(With inputs from agencies.)