The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets. Fund planning to increase foreign investments to 50% by 2020. Source: Bloomberg
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Israel’s intelligence and transportation minister has called on Saudi Arabia’s King Salman to invite Prime Minister Benjamin Netanyahu to Riyadh to establish full diplomatic relations. Source Aljazeera
George Soros, the billionaire who earned fame by betting against the pound in 1992, said Britain was approaching a tipping point that would see the economy slow to such an extent that Brexit might even be reversed. Source Reuters
Germany’s Thyssenkrupp (TKAG.DE) said it planned cost cuts worth at least 100 million euros ($112 million) to meet financial targets at its troubled unit that engineers industrial plants and builds ships, despite early signs of improvement. Source Reuters