S. Arabia to establish 5 companies to invest in Arab countries, including Jordan

Attendees take part in the annual Future Investment Initiative conference in the Saudi capital Riyadh on October 25, 2022. (Photo: AFP)
Attendees take part in the annual Future Investment Initiative conference in the Saudi capital Riyadh on October 25, 2022. (Photo: AFP)
AMMAN — Saudi Crown Prince Mohammad bin Salman announced Wednesday that the kingdom’s Public Investment Fund (PIF) will set up five regional companies that aim to invest in Jordan, Bahrain, Sudan, Iraq and Oman, according to various media outlets.اضافة اعلان

Prince Mohammad indicated that the companies will come into being after the launch of the Saudi Egyptian Investment Company, in August, with the value of the targeted investments to reach up to $24 billion across various sectors.

This announcement was made during the second day of the sixth edition of the Future Investment Initiative , held in Riyadh, attended by investors, innovators, and leaders from around the world.

The five companies will invest in several strategic sectors, such as infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, communication, and technology.

Their establishment will develop and strengthen PIF’s investment partnerships, and its portfolio companies, and offer the Saudi private sector many investment opportunities in the region, which will contribute to achieving attractive returns in the long term and developing cooperation and strategic economic partnerships with the private sector in each of the countries covered by the fund.

The PIF investments align with the fund’s strategy, which includes seeking new investment opportunities in the Middle East and North Africa, to build lasting strategic economic partnerships and achieve sustainable returns, grow PIF’s Assets Under Management, and diversify Saudi Arabia’s sources of revenue, while underscoring the objectives of Vision 2030.


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