By Nick Hedley
Saudi Arabia’s Public Investment Fund (PIF) aims to deploy
up to SAR90 billion (US$24 billion) in Bahrain, Iraq, Jordan, Oman, the
Republic of Sudan, and Egypt, it said in a statement.
Saudi Arabia’s crown prince and prime minister, Mohammed bin
Salman, who is also chairman of the PIF, said in the statement the fund will
establish companies in each of these markets to oversee the investment program.
The companies will invest in infrastructure, real estate,
mining, health care, financial services, food and agriculture, manufacturing,
telecoms, and technology, among other industries.
The investments will generate “attractive financial returns
over the long term” while also bolstering economic cooperation in the countries,
the PIF said.
“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,”
the fund said.
The PIF has $620 billion in assets under management.