Saudi Arabia's King Salman bin Abdulaziz Al Saud has issued a directive allocating SR100 billion ($26.66 billion)  from the kingdom's reserves to the Public Investments Fund (PIF), in a move to diversify the investment portfolio and improve the revenues of investment.

The move follows a recommendation of the Council of Economic Affairs and Development in this regard, said an SPA statement.

PIF said it will focus over the coming period on a number of promising opportunities in the domestic and international markets, particularly some expected high yield opportunities in the local market that supports the private sector investments and promote economic growth and local content, said SPA.

The allocated fund will be invested according to specific periodic phases and in light of the kingdom's Vision 2030 and its objectives.

Such investments are expected to have a positive impact on the overall investment revenues and the diversification of the national income sources as well, it said.