Saudi Crown Prince Mohammed bin Salman
Riyadh: Saudi Arabia's Public Investment Fund (PIF) will start five new, more regional investment companies in Jordan, Bahrain, Sudan, Iraq, and the Sultanate of Oman, the Kingdom's Crown Prince Mohammed bin Salman proclaimed.
The new announcement follows the Saudi Egyptian Investment Co., launched in August, Arab News reported. The targeted investment for all six companies, including Egyptian, is estimated to be SR90 billion ($24 billion) in various sectors.
The said companies intend to invest in infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecommunications and technology, along with other strategic sectors.
The new announcement was made on the second day of the Future Investment Initiative Conference's sixth edition. It aligns with PIF's aims to make new investments in the Middle East and North Africa.
The investment companies are expected to empower Saudi's private sector as well as those of the six involved countries.
The companies are also targeting to enable PIF to form strategic partnerships, achieve sustainable returns, and grow its Assets Under Management. Finally, it is expected to diversify Saudi Arabia, viewing the Saudi Vision 2030.
PIF manages around $620 billion in assets at the moment and plans to raise it to more than$1 trillion by 2025. PIF was at second among the most active state investors from January to October. The wealth fund tracker Global SWF suggested that PIF made 39 deals worth $17.2 billion during the period.