PIF to set up five regional investment firms in MENA
region
Saudi Public Investment Fund is to set up five more
regional investment companies in the Middle East region.
This was revealed by Crown Prince Mohammed bin Salman during
the second day of the 6th edition of the Future Investment Initiative
Conference in Riyadh.
The companies are to be established in Jordan,
Bahrain, Sudan, Iraq, and the Sultanate of Oman.
The announcement falls in line with the PIF’s
objective of pursuing new investment opportunities in the Middle East and North
Africa region.
In August, Saudi Egyptian Investment Co. was launched.
Across all six companies the value of the targeted investments will reach SR90
billion ($24 billion) in various sectors.
These Companies will invest in infrastructure, real
estate development, mining, healthcare, financial services, food and
agriculture, manufacturing, telecommunications and technology, and other
strategic sectors.
In addition to this, the investment firms will further
enable the PIF to develop strategic partnerships, achieve sustainable returns,
grow its assets under management, and diversify the Kingdom’s revenue sources
in line with the Saudi Vision 2030.
According to wealth fund tracker Global SWF, the PIF,
which manages about $620 billion in assets and aims to grow that to over $1
trillion by 2025, was the second most active state investor between January and
October, with 39 deals valued at $17.2 billion during the period,
Source: arabnews.com
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