Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence, President Prabowo Subianto said.

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.

Washington may not have a sovereign wealth fund, but almost half the U.S. states do. Indeed, the earliest precursor of a national sovereign wealth fund was established in the United States: in 1803, Ohio created a land trust to finance public education in the state.

A sovereign wealth fund often serves as a vehicle to invest a government’s budget surplus. The U.S. doesn’t have that luxury.

With official details scant so far, speculation about the shape of a planned new US sovereign wealth fund (SWF) is broad. But if the idea does become a reality, other asset owners are likely to be affected by such a large newcomer in one way or another.

Indonesia on Monday launched a new sovereign wealth fund that will aim to manage state assets worth more than $900 billion as President Prabowo Subianto looks to turbo-charge growth in Southeast Asia's biggest economy.

The Treasury and Commerce Departments are drafting a plan detailing how a federal sovereign wealth fund might be structured, funded, and managed.

After decades of Washington telling Asia to improve economic fundamentals, it’s Asia’s turn to worry the U.S. is trashing its own.

Indonesian President Prabowo Subianto has signed a regulation that officially established a new sovereign wealth fund. The Daya Anagata Nusantara Investment Management Agency (Danantara) will manage assets worth more than US$900 billion.

He wants to tap into the fund's assets -- planned to be more than $900 billion -- to boost Indonesia to developed economy status, despite expert concern about its governance.

JAKARTA – Indonesia launched its new sovereign wealth fund Danantara on Feb 24, the latest initiative by President Prabowo Subianto to deliver on his ambitious economic growth target of 8 per cent within his first term.

Danantara Indonesia will invest $20 billion in a wide range of projects from metal processing to artificial intelligence.