Riyadh – Mubasher: The Public Investment Fund (PIF) will establish five companies to pump investments in regional countries, Crown Prince Mohammed bin Salman bin Abdulaziz, Saudi Arabia’s Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of PIF, stated during the sixth edition of the Future Investment Initiative (FII) event in Riyadh.

The new firms will direct investments in Bahrain, Iraq, Jordan, Oman, and Sudan. The announcement follows the initiation of the PIF’s wholly-owned subsidiary Saudi Egyptian Investment Company (SEIC) in August 2022. The PIF’s unit in Egypt purchased minority stakes in four Egyptian firms for $1.30 billion.

Saudi Arabia’s sovereign wealth fund PIF will invest, through the six companies, a combined value of up to SAR 90 billion ($24 billion) in major sectors in each of the six markets, including infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, besides manufacturing, telecoms, and technology.

Setting up the new enterprises will contribute to increasing regional investment opportunities for PIF’s portfolio of companies and Saudi Arabia’s private sector, while exploiting long-term financial returns and opening more doors for strategic economic collaboration with the private sector in the six countries.

During the three-day event, the oil giant Aramco announced the establishment of a $1.50 billion sustainability fund to target investments globally.