“Before it was much easier to come and say, ‘I’m a fund manager from San Francisco, please give me a couple million. I think that a very small minority of them will be able to take money from the region — they are much more selective than before. PIF has been focused on co-opting investment into Saudi for last several years. It took a while for bankers to fully appreciate the scope and scale of the pivot. It’s rightly all about transforming the economy.” Marc Nassim, partner and managing director at Dubai-based investment bank Awad Capital, No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy [CNBC]