Saudi’s PIF to establish five companies to pursue investments in Bahrain, Oman, other countries

Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz, has announced that the kingdom’s Public Investment Fund (PIF) will establish five regional investment companies.

The new companies will be created with the aim of investing in Bahrain, Iraq, Jordan, Oman, and Sudan. The announcement follows the launch of the Saudi Egyptian Investment Company in August, which would invest in the North African country.

Read: Saudi wealth fund starts company for Egypt investments

HRH Crown Prince announced that #PIF 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 in August 2022.

Read more: https://t.co/Fdv5byOCtI pic.twitter.com/dkgTrZZWuu

— Public Investment Fund (@PIF_en) October 26, 2022

The six companies aim to invest up to a total of SAR90bn ($24bn) in opportunities across each market. Investments will be 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 others.

#PIF is creating opportunities for people across the region, through its investment of up to SAR 90 billion (USD 24 billion) in key sectors in Bahrain, Iraq, Jordan, Oman, Sudan and Egypt. pic.twitter.com/7hxHgjIVUs

— Public Investment Fund (@PIF_en) October 26, 2022

The establishment of the 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, a statement said. The announcement comes on the second day of the 6th Edition of the Future Investment Initiative (FII) taking place in Riyadh.

The new firms will also create more avenues for strategic economic collaboration with the private sector in the target countries as well as enabling the Saudi private sector.

Earlier this week, PIF announced the launch of a new company which would invest in localising the halal production industry in the kingdom.

Read: Saudi Arabia’s PIF launches company to develop halal production industry