Saudi Arabia has increased its exposure to US treasuries and upped its bond holdings to a peak of $170 billion, according to a new report by the Institute of International Finance.

The report noted that Saudi Arabia’s Public Investment Fund is close to reaching its target of increasing assets to $400 billion by 2020.

“We now estimate Public Investment Fund’s assets at around $300 billion, of which one-fourth are invested abroad,” Garbis Iradian, Institute of International Finance’s chief economist for the Middle East and North Africa was quoted as saying in the National.

Saudi plans call for the government to deposit proceeds from the sale of state assets to the Public Investment Fund, which in turn will help boost foreign investments.

The Public Investment Fund and Saudi Arabia’s pension fund, the General Organisation for Social Insurance are primarily concentrated on investments in US Bonds.

Additionally, the composition of the kingdom’s assets holdings also demonstrates that Saudi Arabia is moving away from the euro and pound-denominated holdings, according to the Institute of International Finance.

The Institute of International Finance’s data shows that Riyadh’s holding of dollar-denominated assets stands at about 80 percent, as it has since 2014.