Reuters reports that Saudi Arabia plans to create a new sovereign fund
- The Saudi Arabian Monetary Agency (SAMA) has been, up until now, the manager of Saudi funds
- Funds reached a peak of $737 billion in August 2014 but have fallen since as falling oil prices have led to a big budget deficit, and defence of the currency peg is eating at reserves also
Reuters cite unnamed sources fro the story of the new wealth fund:
- Says investment banks and consultancies have been asked to submit proposals
