Saudi Arabia establishes investment companies in Arab countries including Iraq
The Saudi Crown Prince Mohammed bin Salman. Photo: AFP
Baghdad (IraqiNews.com) – The Saudi Crown Prince, Mohammed bin Salman, announced on Wednesday that the Public Investment Fund (PIF) will establish five regional companies aiming to invest in Jordan, Bahrain, Sudan, Iraq and Oman, according to a press statement of the Saudi Foreign Ministry cited by the Saudi Press Agency (SPA).
The announcement took place a few months after the launch of the Saudi Egyptian Investment Company (SEIC), which is owned by Saudi Arabia’s PIF.
The value of the targeted investments will reach 90 billion riyals (24 billion USD) in investment opportunities in various sectors, according to the SPA.
The announcement was made during the second day of the sixth edition of the Future Investment Initiative held in the Saudi capital, Riyadh, in the presence of a group of investors, innovators and leaders from around the world, the SPA mentioned.
The establishment of the new companies comes in conformity with the strategy of the PIF to search for new investment opportunities in the Middle East and North Africa.
The strategy of the PIF supports building long-term strategic economic partnerships to achieve sustainable returns, which contribute to maximizing the fund’s assets, and diversify the Kingdom’s sources of income, in line with the objectives of Vision 2030, the SPA explained.
The major sectors targeted are infrastructure, real-estate development, mining, health care, financial services, agriculture, industry, technology and telecommunications.