By Nick Hedley
Saudi Arabia’s Public Investment Fund (PIF) aims to deploy up to SAR90 billion (US$24 billion) in Bahrain, Iraq, Jordan, Oman, the Republic of Sudan, and Egypt, it said in a statement.
Saudi Arabia’s crown prince and prime minister, Mohammed bin Salman, who is also chairman of the PIF, said in the statement the fund will establish companies in each of these markets to oversee the investment program.
The companies will invest in infrastructure, real estate, mining, health care, financial services, food and agriculture, manufacturing, telecoms, and technology, among other industries.
The investments will generate “attractive financial returns over the long term” while also bolstering economic cooperation in the countries, the PIF said.
“These investments by PIF align with the fund’s strategy, which includes seeking new investment opportunities in the Middle East and North Africa to build lasting strategic economic partnerships and achieve sustainable returns, grow PIF’s assets under management, and diversify Saudi Arabia’s sources of revenue, while underscoring the objectives of Vision 2030,” the fund said.
The PIF has $620 billion in assets under management.