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Saudi Arabia’s Public Investment Fund (PIF) has established five regional firms to invest in Bahrain, Oman, Jordan, Iraq and Sudan.
The announcement follows the launch of the Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary, in August 2022, the sovereign wealth fund said in a press statement.
The six companies aim to invest up to 90 billion Saudi riyals ($24 billion) in opportunities across various key sectors in each market.
The companies will invest in key sectors, including infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology, among other strategic sectors and industries in each country.
Additionally, the new firms will contribute to an increase in regional investment opportunities for PIF’s portfolio companies and the Saudi private sector, creating avenues for strategic economic collaboration with the private sector in the target countries, the statement noted.
(Writing by D Madhura; Editing by Anoop Menon)
