Riyadh, Saudi Arabia—Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, will establish five companies aimed at investing in Bahrain, Iraq, Jordan, Oman and Sudan.
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022, will invest up to $24 billion in opportunities across various key sectors in each market.
The announcement was made on the second day of the 6th Edition of the Future Investment Initiative (FII), in which leading investors, CEOs, innovators and world leaders are participating.
The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology, among other strategic sectors and industries in each country.
The establishment of the five new companies will contribute to an increase in regional investment opportunities for PIF’s portfolio companies and Saudi Arabia’s private sector, bolstering attractive financial returns over the long term, and creating more avenues for strategic economic collaboration with the private sector in the target countries as well as enabling the Saudi private sector, SPA reported.