Saudi’s PIF founds Saudi-Iraqi investment company with $3 bln capital

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The Saudi sovereign wealth fund PIF has created a new unit to invest in industries across Iraq, with a capital of $3 billion and headquarters in Saudi Arabia, the new unit's acting CEO said on Thursday.

The new Saudi-Iraqi Investment Company is one of six regional investment vehicles the fund said it would establish in Iraq, Jordan, Bahrain, Sudan, Oman, and Egypt, aligning with its strategy to seek new investments in the Middle East and North Africa.

The companies will target investments of up to $24 billion, in sectors including infrastructure, real estate, mining, healthcare, food and agriculture, manufacturing, and tech, the PIF said in October.

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The Saudi-Iraqi Investment Company will invest in infrastructure, mining, agriculture, real estate development and financial services, among other areas, acting CEO Muteb Alshathri added during the Saudi-Iraqi Coordination Council held in the Kingdom.

The PIF set up the Saudi Egyptian Investment Company (SEIC) in 2022, which took minority stakes worth $1.3 billion in four listed Egyptian companies in August of last year.

The PIF, which is Crown Prince Mohammed bin Salman’s chosen vehicle to drive an ambitious economic agenda to wean the economy off oil, manages about $620 billion in assets and aims to grow that to over $1 trillion by 2025.

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