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Saudi Arabia's Public Investment Fund (PIF) plans to invest $24bn across the Arab world, as the Kingdom looks to boost its influence in the region and "achieve sustainable returns". The PIF said in a statement it would set up companies in Iraq, Jordan, Bahrain, Oman, and Sudan to invest in industries ranging from infrastructure and manufacturing to healthcare and food.
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In August, the PIF began this process by establishing a similar investment company for Egypt, where the fund has already spent $1.3bn acquiring minority stakes in four firms, including fertilizer and tech companies.
Why it matters
While Saudi Arabia and the Gulf’s other large oil exporters have enjoyed a huge petrodollar windfall as energy and food prices have soared since Russia invaded Ukraine, poorer states in the Middle East are struggling with deepening economic and social pressures.
