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

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Saudi Arabia’s Public Investment Fund (PIF) has established 5 regional corporations aimed toward investing in initiatives in Jordan, Bahrain, Sudan, Iraq and Oman, with investments in varied sectors reaching 90 billion riyals ($24 billion), the state-run Saudi Press Agency reported on Wednesday

MOSCOW (UrduPoint News / Sputnik – twenty sixth October, 2022) Saudi Arabia’s Public Investment Fund (PIF) has established 5 regional corporations aimed toward investing in initiatives in Jordan, Bahrain, Sudan, Iraq and Oman, with investments in varied sectors reaching 90 billion Riyals ($24 billion), the state-run Saudi Press Agency reported on Wednesday.

The corporations will spend money on a number of strategic sectors, together with infrastructure, actual property, mining, well being care, monetary providers, meals and agriculture, manufacturing, communications and know-how, the company mentioned.

The creation of the 5 new corporations will develop and strengthen funding alternatives within the area, which can assist obtain important lengthy-time period returns and develop strategic financial partnerships with the non-public sector within the chosen international locations, the company added.

The same Saudi-Egyptian funding firm was launched in August. The PIF goals to hunt new funding alternatives within the center East and North Africa to diversify Saudi Arabia’s sources of earnings below the nation’s 2030 financial improvement plan.

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