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The Prince, the Firm, and the Fund

Summary:
Because if his Royal Highness the prince wants the world’s largest sovereign wealth fund — then who’s to say no? As for the Arab and Islamic depth, we have the Qiblah of Muslims. We have Medina. We have a very rich Islamic heritage. We have great Arab depth. The Arabian Peninsula forms the basis of Arabism. The kingdom constitutes a large part of it. That issue has not been exploited in full. We have a pioneer investment power at the level of the world. Today, you see that many statements are being made, including statements indicating that the Saudi Sovereign Fund will be the largest fund in the world by far, compared to the other funds. That will be the main engine for the whole world and not only the region. There will be no investment, movement or development in any region of the world without the vote of the Saudi Sovereign Fund. If the Saudi Sovereign Fund said that the projects of this state would not succeed and that we would not invest in it, this would of course, [would] have a direct effect and vice versa. The Kingdom of Saudi Arabia will be an investment power through its sovereign fund, through the other state-owned funds, and through the most important profession, i.e. the Saudi businessmen. Yes, we have many businessmen in different industries, but most of the businessmen are in investment companies. The Saudi mentality is an investment one.

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Because if his Royal Highness the prince wants the world’s largest sovereign wealth fund —...

Joseph Cotterill
Joseph is the FT’s Southern Africa correspondent based in Johannesburg, after previous stints as private equity correspondent and on the Lex column. But he still writes for Alphaville, which he joined way back in March 2010 — right in the middle of the Greek bailout crisis. He has been very interested in all things credit and sovereign debt ever since…

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