Hassan El-Khatib said the government mandate has been clear to create a business environment that will allow the private sector to operate and lead economic development

If President Donald Trump gets his way, then perhaps so. On Feb. 3, Trump issued an executive order calling for the creation of a U.S. sovereign wealth fund. This was not entirely unexpected. After all, the idea had been floated in September 2024 not only ...

President Trump signed an executive order last week to create a sovereign wealth fund — something previously decried by both market-oriented conservatives and corporate-skeptic progressives.

Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and moving walkways, as the kingdom looks to boost domestic manufacturing.