Saudi Arabia’s Public Investment Fund (PIF) said Wednesday it plans to invest $24 billion (SAR 90 billion) in countries in the Middle East and North Africa (MENA), seeking to contribute to an increase in regional investment opportunities. The oil-rich Saudi Arabia said it will set up companies aimed at investing in Bahrain, Iraq, Jordan, Oman, and Sudan, according to a statement. The PIF already launched the Saudi Egyptian Investment Company (SEIC) in August to invest in Egypt.
The Saudi sovereign wealth fund will channel funds into several sectors, including but not limited to infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecommunications, and technology.
According to the PIF, establishing the new companies will bolster attractive financial returns for its portfolio and Saudi Arabia’s private sector. The move will also create more avenues for strategic economic collaboration with the private sector in the target countries.
The wealth fund, chaired by Crown Prince Mohammed bin Salman, also aims to grow its assets under management and diversify Saudi Arabia's sources of revenue.
