Intending to advance its ambitious economic reform agenda, Saudi Arabia has doubled down on its sovereign wealth fund, the Public Investment Fund (PIF). The kingdom transferred an 8 per cent stake in the oil giant Aramco to PIF, valued at approximately $163.

Saudi Arabia boosts sovereign wealth fund, transfers 8 pc stake in Aramco worth $163.6 bn

Saudi Arabia is creating a consolidated balance sheet to understand 'how rich' the kingdom is. WION's Palki Sharma tells you why Saudi Arabia wants to demystify its finances.

Gravitas: How rich is Saudi Arabia?

Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman's vision for 2030 is to move away from oil and fund giant infrastructural projects. He has put the Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.

How rich is Saudi Arabia? Kingdom wants to diversify its economy

Watch today in 'World Business Watch': World's largest oil exporter Saudi Arabia has planned to cut spending by 7.5% in next year's budget as the country face the economic contraction.

World Business Watch: Saudi Arabia plans to cut spending next year

Saudi Arabia has planned to cut spending by 7.5 percent in next year's budget to 990 billion riyals ($263.94 billion) but expects the economy to return to growth. Watch report.

Saudi Arabia to cut spending next year by 7.5% | World News

Saudi Arabia is on a mission to cut costs & hike taxes to heal its bleeding economy. WION's Palki gets you a report on the oil-rich kingdom's 'austerity mission'.

Gravitas: How Saudi Arabia plans to heal its bleeding economy?

Saudi Arabia on Monday announced a slew of austerity measures as the country grapples with the combination of low oil prices and the COVID-19 impact on the world economy.

Saudi Arabia triples VAT, cuts state allowances amid pandemic