Saudi Arabia's King Abdullah speaks in Rawdat Khurayim, a secluded royal hunting retreat in Saudi Arabia, Sunday, Jan. 5, 2014. (AP Photo/Brendan Smialowski, Pool)
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DUBAIL Saudi Arabia's Shura Council, an influential advisory body to the government, will discuss a proposal for the country to establish a sovereign wealth fund that would invest some of its vast oil earnings, local media reported.Details of its investment strategy were not given, but if the proposed Saudi fund is run like the sovereign wealth funds of other wealthy Gulf states such as Qatar and Abu Dhabi, it could mean a change in the way Saudi money flows through global markets.Asharq al-Awsat said the proposed Saudi fund would start with capital of 30 percent of budget surpluses accumulated over past years.
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