Riyadh: The Kingdom of Saudi Arabia (KSA) has announced the establishment of a Public Investment Fund (PIF) initiating the establishment of five regional companies aimed at launching investments in Oman, Jordan, Bahrain, Sudan and Iraq.

This was unveiled during the second day of the Investment Future initiative’s 6th round attended by Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council of Economic Affairs in Saudi Arabia, who is also the Board Chairman of the Public Investment Fund.

A sum of SR90 billion ($24 billion) has been slated for strategic investments across different sectors, including real estate, mining, healthcare, financial services, foodstuff, farming, industrialisation, communications and technology.

The announcement of the new companies keeps pace with the Public Investment Fund’s strategy for exploring investment opportunities in the Middle East and North Africa (MENA) region.

The strategy eyes long-term economic ventures hoped to achieve sustainable returns. This will help augment the assets of the fund and diversify sources of Saudi income in line with the country’s Vision 2030.