Skip to content Skip to Search
Skip navigation

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.  

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]