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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