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Saudi PIF creates US$3b Saudi-Iraqi investment unit

by WAYA Staff - May 25, 2023
<strong>Saudi PIF creates US$3b Saudi-Iraqi investment unit</strong>

The Saudi sovereign wealth fund PIF has announced it created a new unit to invest in various industries across Iraq, with a capital of $3 billion and headquarters in Saudi Arabia, the company’s acting CEO said.

CEO Muteb Alshathri said that the Saudi-Iraqi Investment Company will invest in areas including infrastructure, mining, agriculture, real estate development, and financial services, Reuters reported.

In October 2022, Saudi Arabia’s Public Investment Fund (PIF) established five regional investment companies in Jordan, Bahrain, Sudan, Iraq, and Oman

The PIF made a similar move in August when it launched the Saudi Egyptian Investment Co (SEIC) in Egypt.

The PIF’s strategy seeks new investment opportunities in the Middle East and North Africa, aiming to build strategic economic partnerships in the long run to make sustainable revenues, so it will be contributing to economic diversification.

Last month, Iraq presented opportunities in the industrial zone and health sectors to Saudi investors.

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