SAUDI PRINCE ANNOUNCES PLANS TO RAISE $2 TRILLION BY SELLING OFF STATE ASSETS

SAUDI PRINCE ANNOUNCES PLANS TO RAISE $2 TRILLION BY SELLING OFF STATE ASSETS

- in Arab News, economy
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saudi-economy

According to the Daily Mail newspaper that Saudi Arabia plans to raise $2trillion  by selling off state assets and using the money as a huge investment fund to wean the world’s top oil exporter off its reliance on crude in just four years.

Prince Mohammed bin Salman, the deputy crown prince, said: By 2020, if oil stops we can survive. ‘We need it, we need it, but I think in 2020 we can live without oil.

The newspaper added that the fund would be large enough to buy all four of the world’s largest publicly traded companies – Apple, Google parent company Alphabet, Microsoft and Berkshire Hathaway.

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