The “Investment Initiative” affirms the Gulf’s ability to cope with the impending economic crises
Saudi Crown Prince Mohammed bin Salman, chairman of the board of directors of the Public Investment Fund, announced yesterday (Wednesday) the establishment of 5 regional companies that aim to invest in 5 Arab countries with a value of up to 90 billion riyals ( $ 24 billion) in opportunities across various industries.
Countries that investment firms are looking to include include Jordan, Bahrain, Sudan, Iraq and Oman, at a time when Egypt witnessed the launch of the Saudi-Egyptian Investment Company last August.
This was announced during the activities of the second day of the sixth edition of the Future Investment Initiative, held in the capital, Riyadh, in the presence of investors, innovators and leaders from all over the world, where it was decided that companies invest in various strategic sectors, including infrastructure, real estate development, mining, healthcare and financial services, food and agriculture, manufacturing, telecommunications, technology and other industries.
The announcement of the formation of the new companies is in line with the Public Investment Fund’s strategy for seeking new investment opportunities in the Middle East and North Africa, which support the construction of long-term strategic economic partnerships to achieve sustainable returns.
On the other hand, the Investment Initiative conference discussed a number of files, among which the financing practice and influential decisions globally emerged. Saudi Finance Minister Muhammad Al-Jadaan explained that the world is currently experiencing many difficulties. , represented in financing, high interest rates, inflationary and debt pressures on some countries, noting that Saudi Arabia has in the past worked on plans and strategies to cope with the difficult days that have allowed it to achieve a much better situation than it has the world is suffering.
Al-Jadaan added that the Arab Gulf states, led by Saudi Arabia, are in a better position to deal with difficult global economic conditions over the next six years.
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Saudi Arabia
Saudi economy
Mohammed bin Salman, Crown Prince of Saudi Arabia
