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<ul class="summary-list"><li>Saudi Arabia's wealth fund has pumped billions into global entertainment, sports, and infrastructure.</li><li>Now the Kingdom plans to cut its foreign investment to prioritize domestic spending.</li></ul>Saudi Arabia is pulling back on its <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">global spending spree</a> to focus on domestic investments.Yasir Al Rumayyan, governor of the Public Investment Fund (PIF), said on Tuesday the kingdom planned to reduce the proportion of foreign investments made by the sovereign wealth fund from 30% to about 18% of its portfolio."We're more focused on the domestic economy and we've been achieving and doing so many big things," Al Rumayyan told delegates at the <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">Future Investment Initiative</a> in Riyadh. Saudi Arabia's annual business conference has been dubbed "Davos in the desert" in a nod to the World Economic Forum meeting in Switzerland each January.The absolute dollar amount for overseas deals was still increasing, the PIF chief said.<div type="image" title="Governor of Public Investment Fund of Saudi Arabia Yasir Al-Rumayyan on a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024." height="3822" width="5366" msid="114781319" hostid="261" sizebytes="297336"></div>In recent years, the PIF has pumped billions into high-profile assets, including global sports teams, entertainment, airport infrastructure, and <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Uber</a>. The fund's assets are worth about $925 billion.The spending is part of Saudi Arabia's <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to reduce its economy's dependence on oil and transform the country into a significant global economic player.Investors have flocked to the FII conference in previous years to take advantage of the multi-billion dollar deals struck at the event. The total at last year's conference reached almost $18 billion, the Saudi Press Agency reported.The kingdom has already been slowing its cash flows and telling foreign fund managers to invest more in Saudi Arabia if they want to secure deals.The PIF's traded stocks in the US fell from about $35 billion at the end of 2023 to $20.6 billion at June 30, The Financial Times reported.Al Rumayyan said that investors were already changing their approach. "People used to come to us and ask for money. We are now seeing a shift from people wanting to take our money to people wanting to co-invest."The PIF governor also spoke about Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">ambitions to become a top destination</a> for AI companies and investors, saying that the technology's economic impact made it a driver of national power."We either have discussions or initial discussions to invest in AI and the reason why we are investing in AI is Saudi Arabia is very well positioned to be a global hub, not only a regional hub," Al Rumayyan said.The technology could add nearly $20 trillion to the global economy by 2030, he added.In September, Saudi Arabia held the third Global AI Summit, attracting a host of high-profile leaders and dealmakers. The PIF is also in talks to partner with prestigious venture capital firm Andreessen Horowitz on an AI fund, with a potential value of $40 billion, Bloomberg reported.The new focus on domestic investment comes as Saudi Arabia's spending on <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">Neom</a>, its futuristic megacity in the desert, hit $1 trillion.Neom's scope appears to have been scaled back as the financial realities of the ambitious project hit home. Experts say Saudi has struggled to attract the foreign investment needed to fund the project's lofty goals.A <a target="_blank" class="" href="https://www.businessinsider.com/neom-sindalah-saudi-arabia-crown-prince-the-line-beach-party-2024-10">select group of guests</a> were recently invited to visit <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-sindalah-island-dubai-resort-tourism-2024-4">Sindalah</a>, a luxury island resort in the Red Sea that is one of the first parts of Neom to become reality.

Saudi Arabia is pulling back on a global spending spree to focus on its own projects

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 10 paise to 81.72 against the <keyword id="6368584" type="General" weightage="20" keywordseo="us-dollar" source="Orion">US dollar</keyword> in early trade on Tuesday tracking a weak American currency and a firm trend in domestic equities. Forex traders said significant foreign fund inflows and crude oil prices below USD 80 a barrel also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.75 against the dollar and then climbed to 81.72, registering a rise of 10 paise over its previous close. On Friday, the rupee closed at 81.82 against the US currency. Forex and equity markets were closed on Monday on account of 'Maharashtra Day'. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 102.03. Brent crude futures, the global oil benchmark, advanced 0.15 per cent to USD 79.43 per barrel. Forex traders said investors are waiting for cues from the paramount US FOMC meeting beginning later in the day. Market now awaits the Federal Open Market Committee (FOMC) outcome on May 3. Markets are wondering if it will be the last hike for the season or if a surprise still awaits. "A 25bps hike with a cautiously hawkish tone amid resilient economic data shall again pump the dollar above 103 levels," CR Forex Advisors MD Amit Pabari said. In the domestic equity market, the 30-share BSE Sensex advanced 336.5 points or 0.55 per cent to 61,448.94. The broader NSE Nifty rose 96.50 points or 0.53 per cent to 18,161.50. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Friday as they purchased shares worth Rs 3,304.32 crore, according to exchange data. On the domestic macroeconomic front, record GST collections and a four-month high manufacturing PMI are aiding bullish sentiments. The GST collection in April rose by 12 per cent annually to over Rs 1.87 lakh crore, touching an all-time monthly high, the finance ministry data released on Monday said. Manufacturing activities in India accelerated further and touched a four-month high in April. The seasonally adjusted S&amp;P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/godrej-consumer-has-to-double-raymonds-consumer-business-for-it-to-be-earnings-accretive-say-analysts/articleshow/99906464.cms">Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hit-jobs-heres-what-techies-make-in-consumer-goods-travel-and-e-commerce-sectors/articleshow/99904726.cms">Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors</a>

Rupee rises 10 paise to 81.72 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> was trading in a narrow range against the US dollar in the morning session on Tuesday amid a weak American currency and a muted trend in domestic equities. Forex traders said foreign fund outflows also weighed on the local unit. At the interbank foreign exchange, the rupee opened at 81.95 against the dollar. It touched a high of 81.86 in initial deals. The rupee on Monday settled at 81.92 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 101.33, down 0.02 per cent. Global oil benchmark Brent crude futures declined 0.01 per cent to USD 82.72 per barrel. On the domestic equity market front, BSE Sensex was trading 4.41 points or 0.01 per cent lower at 60,051.69 points while the broader NSE Nifty declined 2.40 points or 0.01 per cent to 17,741.00 points. Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 412.27 crore, as per exchange data. "Rupee will remain between the levels of 81.80 to 82.20 as RBI buys dollars at lower levels and inflows continue at higher levels to keep it well boxed in the small range for the moment," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/elss-mutual-funds-enjoy-tax-deductions-under-80c/articleshow/99751058.cms">ELSS Mutual Fund: A way to claim tax deduction while enjoying market-linked returns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/icici-bank-vs-hdfc-bank-how-indias-top-two-private-lenders-have-performed-in-q4/articleshow/99733618.cms">ICICI Bank vs HDFC Bank: How India’s top two private lenders have performed in Q4</a>

Rupee moves in narrow range against US dollar in early trade

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 27 paise to close at 81.84 (provisional) against the US dollar on Thursday, tracking the broad weakness of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 81.99 against the US currency and finally closed at 81.84 (provisional) against the greenback, registering a gain of 27 paise over its previous close. During the session, the rupee touched a high of 81.83 and a low of 82.01 against the dollar. On Wednesday, the rupee closed at 82.11 against the US currency. The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, fell 0.23 per cent to 101.26. Global oil benchmark Brent crude futures declined 0.27 per cent to USD 87.09 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 38.23 points or 0.06 per cent to end at 60,431.00 and the broader NSE Nifty gained 15.60 points or 0.09 per cent to 17,828. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,907.95 crore, according to exchange data. On the domestic macroeconomic front, retail inflation in March fell to a 15-month low of 5.66 per cent and came back to the Reserve Bank's comfort level of 6 per cent. India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mfs-hit-1-year-high-in-march-on-robust-sip-and-thematic-fund-investments/articleshow/99466043.cms">Inflows into equity MFs hit 1-year high in March on robust SIP and thematic fund investments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-bats-for-borrowers-releases-guidelines-to-lenders-from-levying-penal-interest-on-loan-defaults/articleshow/99461008.cms">RBI bats for borrowers, releases guidelines to prevent lenders from levying penal interest on loan defaults</a>

Rupee gains 27 paise to close at 81.84 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 18 paise to 81.93 against the US dollar in early trade on Thursday tracking the broad weakness of the American currency in the overseas market. Forex traders said foreign fund inflows also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close. On Wednesday, the rupee closed at 82.11 against the US currency. "Overall USDINR has strong support around 81.75-80 levels, as the RBI is intervening to protect from steep appreciation. Adding to it, the ongoing geopolitical concerns and Fed's hiking process are likely to weigh on investor sentiment and the USDINR could bounce back to 82.50-82.80 levels," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 101.55. Brent crude futures, the global oil benchmark, declined 0.22 per cent to USD 87.14 per barrel. "Brent has risen to USD 87.25 per barrel as weak US CPI could mean that the Fed could sound less hawkish," IFA Global Research Academy said in a research note. In the domestic equity market, the 30-share BSE Sensex declined 43.95 points or 0.07 per cent to 60,348.82. The broader NSE Nifty declined 1.05 points or 0.01 per cent to 17,811.35. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,907.95 crore, according to exchange data. On the domestic macroeconomic front, retail inflation in March fell to a 15-month low of 5.66 per cent and came back to the Reserve Bank's comfort level of 6 per cent. India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-q4-fy23-revenue-growth-slowest-in-11-quarters/articleshow/99439692.cms">TCS Q4 constant currency revenue growth hits a 11-quarter low</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-languishing-since-fy19-two-wheeler-growth-to-outpace-passenger-vehicles-in-fy24-25/articleshow/99438958.cms">After languishing since FY19, two-wheeler growth to outpace passenger vehicles in FY24-25</a>

Rupee rises 18 paise to 81.93 against US dollar in early trade

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> depreciated 25 paise to 82.46 against the US dollar in early trade on Monday, weighed down by firm crude oil prices and a negative trend in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close. On Friday, the rupee settled at 82.21 against the dollar. The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.48 per cent to 102.99. Brent crude futures, the global oil benchmark, advanced 5.50 per cent to USD 84.28 per barrel. "... Appreciation in rupee shall remain limited to 81.50-81.80 zone where importer can target buying and upside shall for now remain protected towards 82.70-82.90 region for this week," CR Forex Advisors MD-Amit Pabari said. "With a holiday shortened week, highlights would be the RBI policy due on April 6 and US payrolls due on April 7," Pabari added. The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24. The RBI has already increased the repo rate by a total of 250 basis points since May in a bid to contain inflation though it has continued to remain above the central bank's comfort zone of 6 per cent for most of the time. In the domestic equity market, the 30-share BSE Sensex was trading 64.56 points or 0.11 per cent lower at 58,926.96. The broader NSE Nifty declined 9.60 points or 0.06 per cent to 17,350.15. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 357.86 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

Weighed down by crude prices, Rupee falls 25 paise to 82.46/USD

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 9 paise to 82.31 against the US dollar in early trade on Monday amid a weak dollar and a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then climbed to 82.31, registering a rise of 9 paise over its previous close. On Friday, the rupee closed at 82.40 against the US currency. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, fell 0.11 per cent to 103. Brent crude futures, the global oil benchmark, advanced 0.04 per cent to USD 75.02 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced 220.99 points or 0.38 per cent to 57,748.09 points. The broader NSE Nifty gained 76.10 points or 0.45 per cent to 17,021.15 points. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 1,720.44 crore, according to exchange data. Meanwhile, India's forex kitty rose USD 12.798 billion to USD 572.801 billion in the week ended March 17. In the previous reporting week, the reserves had dropped USD 2.39 billion to a three-month low of USD 560.003 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a>

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Saudi Arabia is pulling back on a global spending spree to focus on its own projects

Polly Thompson

Rupee rises 10 paise to 81.72 against US dollar

PTI

Rupee moves in narrow range against US dollar in early trade

PTI

Rupee gains 27 paise to close at 81.84 against US dollar

PTI

Rupee rises 18 paise to 81.93 against US dollar in early trade

PTI

Weighed down by crude prices, Rupee falls 25 paise to 82.46/USD

PTI

Rupee rises 9 paise to 82.31/USD in early trade

PTI

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