Mohammed bin Salman, the Saudi Crown Prince, declared that the Public Investment Fund (PIF) would launch five regional businesses with investments in Jordan, Bahrain, Sudan, Iraq, and Oman.
This announcement comes only a few months after the launch of the Saudi Egyptian Investment Company (SEIC), which is owned by Saudi Arabia’s PIF. It was made on the second day of the Future Investment Initiative being held in Riyadh.
The value of the targeted investments will reach 90 billion riyals ($24 billion) in investment opportunities in various sectors.
The creation of new businesses is consistent with the PIF’s policy of looking for fresh investment possibilities in the Middle East and North Africa.
Following the objectives of Vision 2030, the approach of PIF is to support building long-term strategic economic partnerships to gain sustainable returns which contribute to maximizing the fund’s assets and diversifying the Kingdom’s sources of income.
Infrastructure, real estate development, mining, health care, financial services, agriculture, industry, technology, and telecommunications are the main industries that are being targeted.
Crown prince and Prime Minister of the Kingdom of Bahrain, Prince Salman bin Hamad Al Khalifa commended the announcement and noted that the announcement is a reflection of the efforts made by the Saudi-Bahraini Coordination Council, highlighting Bahrain’s business-friendly economy that attracts strategic opportunities and investments.
He said that Saudi Arabia has always led innovative initiatives to benefit the region and its citizens, highlighting the instrumental role it plays in promoting global economic stability, and in safeguarding regional and international security and stability.
The Crown Prince of Bahrain further congratulated HRH the Saudi Crown on the success of the sixth edition of the FII, emphasising that Saudi Arabia has become a global hub for the creation and success of important initiatives.
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