Saudi wealth fund to slash overseas investments by a third

Saudi wealth fund to slash overseas investments by a third

Skyscrapers stand in the King Abdullah financial district in Riyadh, Saudi Arabia, on Sunday, Jan. 10, 2016. Photographer: Waseem Obaidi/Bloomberg

Saudi Arabia’s sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil.