Crown Prince says PIF will establish 5 regional investment firms

Saudi Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman announced today, Oct. 26 that the Public Investment Fund (PIF) will establish five regional firms to invest in Jordan, Bahrain, Sudan, Iraq and Oman. The move came after the fund launched Saudi Egyptian Investment Co. (SEIC) in August. 

It targets investments of up to SAR 90 billion ($24 billion) in various sectors, the SPA reported.

The new companies will invest in strategic sectors, including, but not limited to, infrastructure, real estate development, mining, healthcare, financial services, foods and agriculture, manufacturing, communications and technology, etc.

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.

These investments align with the Fund’s strategy, which includes seeking new investment opportunities in the Middle East and North Africa (MENA) region 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.