RIYADH, Nov 1, (APP/AFP) – The Saudi energy minister said Tuesday that a multi-billion-dollar technology investment fund the kingdom is developing in partnership with Japan’s SoftBank showed its determination to diversify its economy. Khaled al-Falih told an international forum that the proposed new fund “is simply one indication of this determination and the bold steps being taken” to reorient the economy of the world’s biggest oil exporter. Since 2014, global oil prices have collapsed by about half, accelerating Saudi efforts to move away from petroleum, which still accounts for the bulk of government income.
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Saudi minister hails ‘bold’ deal with Japan’s SoftBank
