Dubai, UAE — Saudi Arabia’s sovereign wealth fund, Public Investment Fund, has formed a $3 billion company to invest in various industries across Iraq.
Muteb Alshathri, acting CEO PIF, told the Saudi-Iraqi Coordination Council in the kingdom that the Saudi-Iraqi Investment Company will invest in mining, real estate, infrastructure, mining, agriculture and financial services.
In October last year, the fund announced it 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 participated.
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.
Aramco to develop oil field in Iraq
Iraq’s oil Minister Hayan Abdul-Ghani meanwhile announced that an agreement will see Saudi Aramco’s invest in and develop a crutch gas field in Anbar governorate of Iraq.
Abdul-Ghani made the announcement during the Iraqi-Saudi Coordination Council. He said the goal of investing and developing the Akkas gas field in the western Anbar is to reach a production capacity of (400 mcfm) million standard cubic feet per day.
He also referred to an initial agreement with Saudi Arabia to invest in the Nebras project, which is one of the most promising strategic projects in the petrochemical industries in Iraq and the region.