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Economy

Saudi Arabia will mobilize giant fund to reduce oil reliance

Targeting $1tn in assets, PIF seen becoming world's largest sovereign wealth fund

Saudi Crown Prince Mohammed bin Salman, right, and IMF Managing Director Christine Lagarde, left, spoke Tuesday at the Future Investment Initiative conference in Riyadh.   © Reuters

RIYADH -- Saudi Arabia will give its main sovereign wealth fund a greater role in creating an economy led by investment, instead of one dependent on oil.

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