The Clap
Saudi Crown Prince Mohammed bin Salman announced that the Public Investment Fund (PIF) established five regional companies that target investments in Jordan, Bahrain, Sudan, Iraq, and Oman.
The Deets
These initiatives were unveiled during the “Future Investment Initiative” in Riyadh and came after the Saudi Egyptian Investment Company launch last August.
The targeted investments is around SAR 90 billion ($24 billion) across various sectors.
The Five Companies
The five companies will invest in several strategic sectors, where they will help develop the PIF’s investment partnerships.
This will lead to strong returns in the long run, and will allow cooperation with the private sector in the five Arab countries.
Why this Matters
The establishment of the new companies is in line with the PIF’s strategy of searching for new investment opportunities in the MENA region.
This also contributes to maximizing the fund’s assets and diversifying KSA’s sources of income, in line with the objectives of “Vision 2030“.
Related News
The PIF, in cooperation with the Abercrombie & Kent, invested $50 million in Habitas, a luxury hotel company.
Habitas currently operates seven accommodations focused on sustainability, in regions stretching from Mexico to Morocco.
The company will use these funds to finance its global expansion.
