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PIF launches regional entities to invest $24bn in multiple sectors

Saudi Royal Court Handout via Reuters
The regional companies will target investments in various sectors including infrastructure and technology

Saudi Arabia’s Public Investment Fund (PIF) plans to set up five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, crown prince and fund chairman Mohammed bin Salman said in a statement.

The announcement, made on the second day of Riyadh’s flagship Future Investment Initiative (FII) conference, comes after the PIF established an investment subsidiary in Egypt.

The six companies will target investments of up to $24 billion in multiple sectors such as infrastructure, real estate, mining, healthcare, food and agriculture, manufacturing and technology.

Earlier this year, the Saudi Egyptian Investment Company took minority stakes worth $1.3 billion in August 2022 in four listed Egyptian companies.

The statement said that the establishment of the five new companies will increase regional investment opportunities for PIF’s portfolio companies and Saudi Arabia’s private sector.

The move will provide attractive financial returns over the long term and create more avenues for strategic economic collaboration with the private sector in the target countries.

 1.4m tons of carbon credits auctioned

Meanwhile, the fund completed the auction of 1.4 million tons of carbon credits in the largest-ever carbon credit sale.

A total of 15 Saudi and regional entities took part in the auction, with Saudi Aramco, Olayan Financing Company and Saudi Arabian Mining Company purchasing the largest carbon credits.

The auction offered high quality CORSIA-compliant and Verra registered carbon credits to support businesses operating in a diverse range of industries in the region. 

The auction will play an important role in PIF’s wider efforts to drive investment and innovation required to address the impact of climate change and support Saudi Arabia’s efforts to achieve net zero by 2060.

PIF manages nearly $620 billion in assets and strives to grow to over $1 trillion by 2025.