Saudi Arabia’s Public Investment Fund (PIF) experienced a remarkable elevation in its subscription value over the last two years, soaring by 170% to reach $300 billion.
“Public Investment Fund has embarked on establishing six companies that are investing in six Arab countries, said Abdulmajid Al-Haqbani,” Head of Security Investments at the Public Investment Fund.
The Middle East, particularly six nations, has drawn the attention of Saudi Arabia’s sovereign fund, garnering investments totaling 90 billion riyals. The new phase of investments in this region was discussed during the seventh edition of the Future Investment Initiative.
Adding Value Abroad
Saudi Arabia’s sovereign fund has conducted a meticulous evaluation of various sectors in these countries, aiming to create added value.
A health care city in Jordan is one of the prominent investments, encompassing a $350 million infusion.
Shifting Economic Dependence
This financial endeavor symbolizes a strategic shift, veering away from excessive reliance on oil. The diversification journey includes notable instances like the relocation of successful companies, like Adees Company, to Riyadh and their listings on the London Stock Exchange.
Investment Milestones in Egypt, Oman, Jordan
The Saudi-Egyptian Investment Company exemplifies this diversification, with a substantial investment of $1.3 billion across six sectors in Egypt.
Moreover, Oman emerges as a promising investment destination.
A collaborative venture with the Jordanian government, a $400 million investment, is set to catalyze the healthcare sector. The project encompasses a university hospital, outpatient clinics, and a medical university.
The project is poised to provide over 5,000 jobs, marking a notable milestone in Saudi Arabia’s expanding investment frontier.