RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has announced that the Public Investment Fund will establish five more regional investment companies, in Jordan, Bahrain, Sudan, Iraq, and the Sultanate of Oman.

This comes after the launch of the Saudi Egyptian Investment Co. in August, and across all six companies the value of the targeted investments will reach SR90 billion ($24 billion) in opportunities across various sectors.

Companies will invest in infrastructure, real estate development, mining, health care, financial services, food and agriculture, manufacturing, telecommunications and technology, and other strategic sectors.

Revealed during the second day of the 6th edition of the Future Investment Initiative Conference, the announcement falls in line with the PIF’s objective of pursuing new investment opportunities in the Middle East and North Africa region.

Not only will the launch of the new investment companies help boost the Saudi private sector, but also that of all six countries involved.

In addition to this, the investment firms will further enable the PIF to develop strategic partnerships, achieve sustainable returns, grow its Assets Under Management, and diversify the Kingdom’s revenue sources in line with the Saudi Vision 2030.

The PIF, which manages about $620 billion in assets and aims to grow that to over $1 trillion by 2025, was the second most active state investor between January and October, with 39 deals valued at $17.2 billion during the period, according to wealth fund tracker Global SWF.