Saudi Arabia to invest $24 billion in MENA countries

ALBAWABA - Saudi Arabia is investing in the Middle East region on a high scale with the aim of revitalizing the local economies across the Arab world and at unprecedented levels. 

Saudi Crown Prince Mohammad Ben Salman first made this blustering announcement at the 6th Edition of the Future Investment Initiative (FII), which is currently being held in Riyadh and has top businessmen locally, from the regional and internationally.

The Prince, who is the current Saudi Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund, said his country will establish five investment companies in Bahrain, Iraq, Jordan, Oman, and Sudan.

This initiative is being received with much business and economic praise because of the impending cash fluidity across the region. The six companies aim to invest up to a total of SR90 billion ($24 billion) in ventures across key sectors in each market according to the Saudi Gazette. 

And there is more! 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 according to Asharq Al Awsat. 

The announcement by the PIF is making headline news, explaining that the establishment of the five companies would contribute to an increased 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 according to the Petra News Agency in Amman.