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Saudis to retrieve $360 billion abroad

Saudis to retrieve $360 billion abroad

RIYADH, Saudi Arabia, Aug. 7 (UPI) -- Saudi Arabia said Sunday it was working to bring back to the kingdom a total of $360 billion invested abroad in the last 18 months.

Foreign Minister Prince Saud al-Faisal told reporters the government was working on returning these "national assets" back to the oil-rich Arab country and to attract foreign investments in Saudi Arabia.

He said the kingdom has "established qualified institutions for that purpose," but did not elaborate.

The minister added that the "smooth way" in which power was handed over to new King Abdullah bin Abdul Aziz after King Fahd's death last week meant a continuation of stability.

"We hope these measures taken on the economic front will return the Saudi funds," Prince Saud said.


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