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

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

The announcement follows the launch of the Saudi Egyptian Investment Company in August

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Saudi's PIF to establish 5 companies to pursue investments

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

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.

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

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