The Saudis apparently intend to make Dubai, Abu Dhabi and China’s SWFs look small by comparison. FT:

Saudi Arabia plans to establish a sovereign wealth fund that is expected to dwarf Abu Dhabi’s $900bn and become the largest in the world. The new fund will be a formidable rival for other government-owned investment funds in the Middle East and Asia, which are playing an increasingly active role in channelling capital to western companies, particularly financial companies hard hit by the US mortgage meltdown.

This is a logical and unavoidable consequence of America’s complete abandonment of the pursuit of energy independence. We shall reap what we have sown.

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