President Vladimir Putin on Sunday appointed Kirill Dmitriev, the chief of Russia's sovereign wealth fund, as a special envoy on international economic and investment cooperation.

US President Donald Trump announced last week the creation of the first American sovereign wealth fund. He had pledged during his campaign to pursue such a policy, but this time, he formalized it with an executive order directing a plan for the fund to be developed within 90 days.

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.

President Trump signed an executive order last week to create a sovereign wealth fund — something previously decried by both market-oriented conservatives and corporate-skeptic progressives.