Saudi Arabia To Invest $24Bln To 5 Countries In Middle East - Reports

Saudi Arabia's Public Investment Fund (PIF) has established five regional companies aimed at investing in projects in Jordan, Bahrain, Sudan, Iraq and Oman, with investments in various sectors reaching 90 billion riyals ($24 billion), the state-run Saudi Press Agency reported on Wednesday

MOSCOW (UrduPoint News / Sputnik - 26th October, 2022) Saudi Arabia's Public Investment Fund (PIF) has established five regional companies aimed at investing in projects in Jordan, Bahrain, Sudan, Iraq and Oman, with investments in various sectors reaching 90 billion Riyals ($24 billion), the state-run Saudi Press Agency reported on Wednesday.

The companies will invest in several strategic sectors, including infrastructure, real estate, mining, health care, financial services, food and agriculture, manufacturing, communications and technology, the agency said.

The creation of the five new companies will develop and strengthen investment opportunities in the region, which will help achieve significant long-term returns and develop strategic economic partnerships with the private sector in the selected countries, the agency added.

A similar Saudi-Egyptian investment company was launched in August. The PIF aims to seek new investment opportunities in the middle East and North Africa to diversify Saudi Arabia's sources of income under the country's 2030 economic development plan.