Trump: US aims to catch up Saudi Arabia's large sovereign wealth fund

09:19 AM (Mecca time) Argaam
US President Donald Trump

US President Donald Trump

US President Donald Trump said Saudi Arabia has a large sovereign wealth fund and the US will seek to catch up through its own sovereign fund.

 

“I think in a short period of time, we’d have one of the biggest funds,” Trump said, while signing on Feb. 3 an executive order on the creation of a sovereign wealth fund.

 

He also floated the idea that this fund could buy up the social media platform TikTok.

 

According to data available with Argaam, Saudi Arabia's Public Investment Fund (PIF) ranked sixth among the world's largest sovereign wealth funds, with $925 billion assets.

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