$24 billion.. Saudi Arabia target strategic sectors in Jordan, Bahrain, Sudan, Iraq and Oman

Prince Muhammad bin Salman bin Abdulaziz, the Saudi Crown Prince, Prime Minister and Chairman of the Board of Directors of the Public Investment Fund, revealed that the Public Investment Fund has established 5 regional companies aimed at investing in Jordan, Bahrain, Sudan and Iraq, in addition to the Sultanate of Oman.

Last August, the Public Investment Fund announced the launch of the Saudi Egyptian Investment Company, which targets several promising sectors in Egypt, as it is one of the most important strategic economic markets in Africa.

 $24 billion

The value of targeted investments in the regional countries will be up to 90 billion riyals ($24 billion) in opportunities across various sectors.

The companies will invest in several strategic sectors, including infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, communications and technology.

Five new companies

The establishment of the five new companies will develop and strengthen the investment partnerships of the Public Investment Fund and its portfolio companies, and the Saudi private sector for many investment opportunities in the region, which will contribute to achieving attractive returns in the long term, and developing aspects of cooperation in strategic economic partnerships with the private sector in each of the countries.

Vision 2030

The announcement of the establishment of new companies comes in line with the Public Investment Fund’s strategy to search for new investment opportunities in the Middle East and North Africa region, which supports building long-term strategic economic partnerships to achieve sustainable returns, which contributes to maximizing the fund’s assets and diversifying the Kingdom’s sources of income. In line with the objectives of "Vision 2030".

Construction projects

In the related context, the head of the real estate, building and construction sector in the Ministry of Investment in the Kingdom of Saudi Arabia announced that the 2030 plan will not depend on oil and its derivatives in the gross domestic product.

The head of the real estate and building and construction sector explained that, before 2016, Saudi Arabia relied more than 90% on oil. Currently, the Saudi government has decided that the percentage of the oil contribution will reach 50% in return for construction projects, tourism and several other investments.

The Kingdom also launched an ambitious vision and set targets and programs that were implemented to encourage investment, as legislative reforms were put in place that contribute to the growth of all economic sectors.