06/04/2016
Praised the plans and programs of economic and development
affairs council
Chairman of the East Chamber, Abdulrahman bin Saleh Ataishan, said that the
trend to create a supremacy fund that follows the country is of the
promising economic ideas, which will result in an increase in the investment
return to the country, mainly pours in the national orientations toward
diversifying the base of income sources, pointing that this funds spread
remarkably in many countries of the world, and succeeded in acquiring large
portions in giant institutions such as Morgan Stanley, Merrill Lynch, and other
institutions in the world.
Ataishan stressed, that the Kingdom of the biggest countries of the world of
having financial reserves, so the seek towards the creation of a supremacy fund
to manage surpluses and also to direct it to be an arm of investment to the
country and would face future challenges and achieving long term stability,
especially in light of fluctuations in oil prices, pointing that the recent
conditions in the current economic global recession is likely to rise up, might
forms a suitable climate for the launch of a saudi fund. The Crown Prince His
Royal Highness Prince Mohammed bin Salman bin Abdul Aziz, said in an interview
with Bloomberg News Network, that the Kingdom is in the process of studying to
establish a supremacy fund of 2 trillion dollars, and 5% of the stocks of
Saudi Aramco for public subscription. Ataishan explained, that the supremacy
wealth fund and the idea putting 5% of the stocks of Aramco for public
subscription, and other raised ideas of the local economic scene, moving
in parallel with the national transformation program, which aims to diversify
the base of national income sources, not to depend on oil as the only source
for national income. Ataishan has
praised the trends drawn by developmental and Economic Affairs Council towards
the creation of new financial resources of oil too, but in the stock and
subscription way; pointing that subscribing to a limited part of a company like
Aramco carries positive returns for the Saudi stock market, in terms of
attracting foreign investment, and raising its market value between the various
financial markets in the world, because of what this company has of a major
economic position in the world.
