Saudi Arabia’s Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, Crown Prince Mohammed bin Salman announced on Wednesday.
The PIF made a similar move in August when it launched the Saudi Egyptian Investment Co (SEIC) in Egypt.
The six companies will target investments of up to 90 billion SAR ($24 billion), in various sectors which include infrastructure, real estate development, mining, healthcare, financial services, food and agriculture and telecommunications and technology.
The newly-established companies, which the Crown Prince announced during the Future Investment Initiative summit in Riyadh, will help develop and strengthen the PIF’s investment partnerships.
The announcement is in line with the PIF’s strategy which seeks new investment opportunities in the Middle East and North Africa and which aims to build strategic economic partnerships on the long run to make sustainable revenues, thus contributing to economic diversification as laid out in the Kingdom’s Vision 2030.
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