Business Economy

Saudi's Shoura Council approves draft law to strengthen PIF

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The move will enable the Public Investment Fund (PIF) to become one of the largest sovereign funds in the world, enjoying financial and administrative independence.

Thursday 06, December 2018 BY KUDAKWASHE MUZORIWA

Saudi Arabia’s Shoura Council has approved the draft PIF law aimed at strengthening the role of the Kingdom’s sovereign wealth fund towards achieving the objectives of Vision 2030, reported local daily, Arab News.

The amended draft law consists of several new provisions in the existing law with an increase in the number of articles from 10 to 32, keeping pace with the Vision’s goals and aspirations of PIF to become a leading global sovereign fund.

Dr. Yahya Al-Samaan, the Shoura Council’s Vice President, said that the Council took the decision after hearing the views of the committee of economy and energy on the opinions and viewpoints on the draft law during the deliberations in their previous session.

TAGS : PIF, Shoura Council , Vision 2030

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