Norway Wealth Fund Dumps Saudi Stocks During Review of Benchmark - Bloomberg
▻https://www.bloomberg.com/news/articles/2020-03-03/norway-wealth-fund-dumps-saudi-stocks-during-review-of-benchmark
Norway’s $1.1 trillion sovereign wealth fund reduced holdings of Saudi Arabian equities by about 60% last year as it reviews an internal benchmark that guides its global stock purchases.
The fund’s total investment in shares traded in Riyadh fell to $420 million by the end of 2019, from about $1 billion the year before, according to data from Norges Bank Investment Management, which manages the fund. In contrast, holdings increased in other markets in the region including the United Arab Emirates, Egypt, Qatar, Kuwait, Turkey and Israel.
Pour mémoire, en octobre 2018 :
▻https://www.reuters.com/article/us-norway-swf-idUSKCN1N01I3
Norway’s sovereign wealth fund, the world’s largest, plans to more than double its investments in Saudi Arabia after it is included in the fund’s reference index soon, Chief Executive Yngve Slyngstad said on Friday.
The fund currently has Saudi assets worth 6.9 billion crowns ($825 million), spread over 42 companies including banks, petrochemicals and healthcare firms.