Saudi Arabia’s PIF to invest $3bn in Iraq

Jeddah (IraqiNews.com) – Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has established a $3 billion unit to invest in Iraqi businesses.

According to Arab News, Muteb Al-Shathri, the Saudi-Iraq Investment Co.’s interim CEO, and his team based in Saudi Arabia will search for funding possibilities in a variety of sectors, including infrastructure, mining, agricultural, real estate development, and financial services.

The statement was made on the fringes of the Saudi-Iraqi Coordination Council, which was taking place in Jeddah, and it follows comments made by the Kingdom’s Minister of Investment, Khalid Al-Falih, that Saudi Arabia has set aside $1 billion for reconstruction projects in Iraq and $500 million to support trade between Iraq and Saudi Arabia.

On the sidelines of the Saudi-Iraqi Coordination Council, Taif Sami, the Iraqi Minister of Finance, met with Al-Falih earlier today to address topics connected to the economy, finance, and investment, as well as strengthening the collaboration with Saudi Arabia in various sectors.

In 2017, Iraq and Saudi Arabia created the Saudi-Iraqi Coordination Council to boost bilateral relations and communication.