A new company has been carved out of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), to target multi-billion investments across industries in Iraq.
With a staggering capital of $3bn, the newly formed Saudi-Iraqi Investment Company is part of PIF’s ambitious strategy to expand its investments in the Middle East and North Africa.
As part of its regional investment plan, the fund intends to establish similar vehicles in Jordan, Bahrain, Sudan, Oman, and Egypt.
These entities will collectively target investments of up to $24 billion, focusing on sectors such as infrastructure, real estate, mining, healthcare, food and agriculture, manufacturing, and technology.
PIF aims to leverage its $620 billion in assets and increase it to over $1 trillion by 2025.
This ambitious economic agenda aims to reduce the country’s dependency on oil.
This diversification aligns with PIF’s vision for the future, acting CEO Muteb Alshathri said.
He noted that the Saudi-Iraqi Investment Company will specifically invest in infrastructure, mining, agriculture, real estate development, and financial services.
This announcement was made during the Saudi-Iraqi Coordination Council held in Saudi Arabia.
In 2022, PIF launched the Saudi Egyptian Investment Company (SEIC), which acquired minority stakes worth $1.3 billion in four Egyptian companies.
