Riyadh: The Kingdom of Saudi Arabia’s crown prince and Prime Minister, Mohammed bin Salman, on Wednesday announced that the Public Investment Fund (PIF) has established five regional companies in Jordan, Bahrain, Sudan, Iraq and Oman, after the launch of the Saudi Egyptian Investment Company in August.
The establishment of companies was announced during the second day of the Future Investment Initiative’s (FII) sixth edition held in the nation’s capital, Riyadh. The announcement was made in the presence of a group of investors, innovators and leaders from around the world.
The Saudi Press Agency (SPA) indicated that the value of the targeted investments amounted to 90 billion riyals (24 billion US dollars) in investment opportunities across various sectors.
The companies will invest in several strategic sectors, including infrastructure, real estate development, mining, health care, financial services, food and agriculture, manufacturing, communications and technology, and other strategic sectors.
Saudi Arabia’s announcement is in line with the PIF’s strategy which seeks new investment opportunities in the Middle East and North Africa. The country aims to build strategic economic partnerships on the long run to make sustainable revenues, thus contributing to economic diversification as laid out in the Kingdom’s ‘Vision 2030’.