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Investment initiative
6 countries have become the focus of the Fund, with a total investment of 90 billion riyals
The head of the securities investment department of the Public Investment Fund, Abdul Majeed Al-Haqbani, said that the fund has created 6 companies investing in 6 Arab countries: Egypt, Sudan, Iraq, Bahrain, Sultanate of Oman and Jordan.
Al-Haqbani added, in a dialogue session titled “The new phase of investment in the Middle East region” during the seventh edition of the Future Investment Initiative, that these six countries have become the focus of the Fund’s attention, with a total investment of 90 billion riyals.
He stressed that the Fund has conducted an assessment of the sectors in those countries and that it will add value in those countries, highlighting the announcement of a health city in Jordan with investments of around 350 million dollars and with 600 places in its collaborative university with UCLA and King’s College and has 330 beds in its hospitals and 72 clinics.For patients.
Al-Haqbani highlighted that the value of new subscriptions to the fund in the last two years has increased by 170% to $300 billion.
He explained that the fund aspires to increase the level of infrastructure through purely investment principles that will have a good impact on the economy.
Al-Haqbani said that the Middle East and North Africa region is one of the most powerful and attractive emerging markets and offers many investment opportunities.
“Diversity is the name of the game. I think this idea was based on keeping the economy from becoming too dependent on oil. This transition is happening quickly, which is great. We’re racing against time to make sure we don’t depend on a single source of I’ll give you some examples such as Addis, which “Cross-crosses the most successful companies that have been listed on the London Stock Exchange, moving the company headquarters to Riyadh and offering its shares on the stock exchange. These are examples of diversity that we are trying to focus on applying at the regional level as well.”
He added: “For example, the Saudi Egyptian Investment Company, and this company is a form of diversification in this region. I think we have added about $1.3 billion of investments in Egypt in 6 areas. We have made great gains from these investments. Oman is also a good destination with high expectations.” They believe that they have a huge need to build infrastructure to attract foreign investment and facilitate investment procedures, and we have launched our first investments through the Abraaj company. In general, this is the diversification path we are aiming for.”
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The Jordanian government had signed an agreement with the Saudi-Jordanian Investment Fund to implement an investment project worth $400 million in the healthcare sector.
The project includes a university hospital with a capacity of 300 beds, 60 outpatient clinics and an outpatient care building. The project also includes a medical university with a capacity of 600 seats, as the project is expected to create more than 5,000 jobs.