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Saudi PIF to launch regional investment firm in Kingdom

Five firms will be launched in different countries, to include Jordan

By JT - Oct 26,2022 - Last updated at Oct 26,2022

AMMAN — The Saudi Public Investment Fund (PIF) on Wednesday announced that the fund will establish five regional investment firms in five countries, including Jordan, following the launch of the Saudi Egyptian Investment Company, a wholly owned PIF subsidiary in August 2022, where the total value of the six companies stands at $24 billion. 

The announcement was made by Saudi Crown Prince Mohammed Bin Salman, chairman of PIF, on the second day of the 6th Edition of the Future Investment Initiative (FII), which is taking place in Riyadh between Tuesday and Thursday, with the participation of leading investors, innovators and world leaders, the PIF announced on its website. 

The website said that the companies will invest 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 other strategic sectors and industries in each country.

The establishment of 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 as well as enabling the Saudi private sector, the website added.

These investments by PIF align with its 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 Saudi Vision 2030, PIF announced on its website.​

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