Saudi Arabia is considering setting up a $6 billion sovereign wealth fund to invest the country’s surplus oil wealth, even though the kingdom could “live without it”, it was reported.
Mohammed al-Jasser, vice governor of Saudi Arabia’s central bank told Reuters: “The finance ministry is thinking about (setting up an oil fund). But if there is endless debate about abuses, I’m sure we can live without it.”
The central bank is not involved in any plans to set up a fund, he said.
Jasser was speaking in Davos, Switzerland.