Saudi announces establishment of 5 investment firms on 2nd day of Future Investment Initiative conference-Xinhua

Saudi announces establishment of 5 investment firms on 2nd day of Future Investment Initiative conference

Source: Xinhua

Editor: huaxia

2022-10-26 23:08:16

RIYADH, Oct. 26 (Xinhua) -- Saudi Arabia's Public Investment Fund (PIF) has established five regional investment companies to invest in Bahrain, Iraq, Jordan, Oman and Sudan, according to a PIF press release published on Wednesday.

The five companies, together with the Saudi Egyptian Investment Company established in August, aim to invest up to 90 billion Saudi Riyals (24 billion U.S. dollars) in various key sectors including infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecoms, and technology.

The announcement, made by Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, comes on the second day of the 6th edition of the Future Investment Initiative (FII) conference held in Riyadh, the capital of Saudi Arabia, with the participation of leading investors, innovators and world leaders.

The second day of the event also witnessed Saudi Aramco's announcement of the launch of a 1.5-billion-U.S. dollar sustainability fund that invests in technology to support a stable and inclusive energy transition.

Managed by Aramco Ventures, the venture capital arm of Aramco, the fund aims to meet the world's growing energy demand with lower greenhouse gas emissions.

Initial focus areas will include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia and synthetic fuels.

The three-day event, held under the theme "Investing in Humanity: Enabling a New Global Order," is gathering 6,000 policymakers, investors and scholars from across the globe.

About 500 Saudi or foreign speakers from different sectors are expected to share their insights at the conference.