Saudi Arabia sees massive boost in sovereign wealth fund and reserves due to oil windfall

Saudi Arabia sees a massive boost in its sovereign wealth fund and reserves as it enjoys a huge windfall from high crude prices.

This boost will enable Saudi Arabia to post its first budget surplus in almost a decade.

Finance minister, Mohammed al-Jadaan says the petrodollar surpluses could be used to accelerate Riyadh’s ambitious plans to modernise the conservative kingdom as the government pushes ahead with megaprojects.

The Public Investment Fund has been transformed into one of the world’s most active Sovereign wealth funds in recent years and a magnet for global bankers keen to tap into its riches.

Its high-profile investments include $45bn in SoftBank’s Vision fund, a $3.5bn stake in Uber and a majority holding in Lucid, the electric vehicle maker.