Saudi Arabia’s Crown Prince Mohammed bin Salman announced Wednesday that the kingdom’s Public Investment Fund (PIF) would launch five new investment firms in countries around the Middle East.
The new companies are aimed at investing in Bahrain, Iraq, Jordan, Oman, and Sudan.
The announcement follows the launch of the Saudi Egyptian Investment Company (SEIC) in August 2022.
Together, all six companies will invest SAR90 billion ($24 billion) across a range of sectors in each country, the Saudi state news agency SPA reported.
Sectors that the funds will focus on will include infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology, among other strategic sectors and industries in each country.
“The establishment of the five new companies will contribute to an increase in regional investment opportunities for PIF’s portfolio companies and Saudi Arabia’s private sector, bolstering attractive financial returns over the long term, and creating more avenues for strategic economic collaboration with the private sector in the target countries as well as enabling the Saudi private sector,” SPA reported.
The funds will help the PIF achieve its strategy of investing across the Middle East and North Africa region in a bid to build economic partnerships, grow PIF’s assets under management, and increase returns.
The PIF is Saudi Arabia’s giant sovereign wealth fund and is a central pillar of the country’s Vision 2030 plan, which envisions using the fund as a giant investment tool to diversify the kingdom’s economy and prepare for a post-hydrocarbon age.
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