In addition to the investments announced last August in Egypt through the Saudi Egyptian Investment Company, the Saudi Public Investment Fund announced the establishment of five regional investment companies with a combined value of up to 90 billion riyals, or roughly 24 billion dollars, in Jordan, Bahrain, Sudan, Iraq, and Oman.
During the second day of the sixth edition of the Investment Future Initiative held in the capital Riyadh, in the presence of a group of investors and innovators And leaders from all over the world, Prince Mohammed bin Salman, the Saudi Crown Prince, Prime Minister of the Saudi Prime Minister, Chairman of the Council of Economic Affairs and Development, announced the Chairman of the Board of Directors of the Saudi Public Investment Fund, for these investments.
The statement claims that businesses will make investments in a number of strategic sectors, including manufacturing, real estate development, health care, financial services, food and agriculture, infrastructure, and other strategic industries.
For many investment opportunities in the region, the Public Investment Fund and its portfolios, as well as the Saudi private sector, are being developed and strengthened through the establishment of these companies. This will help to achieve high returns over the long term and develop various aspects of cooperation of strategic economic partnerships with the private sector in each of the aforementioned countries.
The announcement of the creation of new businesses is consistent with the Public Investment Fund’s strategy for looking for new investment opportunities in the Middle East and North Africa. This strategy supports the development of long-term strategic economic partnerships to achieve sustainable returns, which helps to maximise the fund’s resources and diversify the Kingdom’s revenue sources, including it is consistent with the goals of Vision 2030.
One of the biggest sovereign wealth funds in the world is the Public Investment Fund.
The fund has established 58 companies since 2017, in addition to providing about 500 thousand direct and indirect jobs until the end of 2021.
The fund works to build a diverse portfolio by entering it in attractive and long-term investment opportunities in 13 strategic sectors at the local and international levels, where the Fund’s strategy aims, according to the Public Investment Fund, 2021-2025- one of the programs to achieve the Kingdom’s Vision 2030- to enable many promising and contribution sectors forging relationships with the private sector to expand local content.
A must.. Saudi Arabia announces investments worth 24 billion dollars in 6 countries, including Egypt
About Author
