RIYADH — Crown Prince Mohammed bin Salman, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF) announced on Wednesday that the Fund will establish five companies aimed at investing in Bahrain, Iraq, Jordan, Oman and Sudan.

The announcement follows the launch of the Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary, in August 2022.

The six companies aim to invest up to a total of SR90 billion ($24 billion) in ventures across various key sectors in each market.

The announcement came on the second day of the 6th Edition of the Future Investment Initiative (FII), which is taking place in Riyadh, with the participation of leading investors, innovators and world leaders.

The companies will invest in various key sectors, including but not limited to, infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology, among other strategic sectors and industries in each country.

The establishment of the five new companies will contribute to an increase in regional investment opportunities for PIF’s portfolio companies and Saudi Arabia’s private sector, bolstering attractive financial returns over the long term, and creating more avenues for strategic economic collaboration with the private sector in the target countries as well as enabling the Saudi private sector.

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. — SPA