(MENAFN) Saudi Arabia's sovereign wealth fund has taken a strategic step towards expanding its investments in the Middle East and North Africa region by creating a dedicated unit with a capital of USD3 billion. The newly formed investment unit will focus on exploring opportunities in various industries across Iraq.
Muteb Al-Shathri, the acting CEO of the Saudi-Iraq Investment Co., revealed that the headquarters of the unit will be based in the Kingdom, and it will actively seek investment prospects in sectors such as infrastructure, mining, agriculture, real estate development, and financial services.
This significant announcement was made during the Saudi-Iraqi Coordination Council meeting held in Jeddah. The establishment of the investment unit aligns with the Kingdom's commitment to strengthen bilateral ties and forge economic partnerships with Iraq.
Furthermore, it demonstrates Saudi Arabia's keen interest in contributing to the reconstruction and development of Iraq's economy. In addition to the creation of the investment unit, Saudi Arabia has already allocated USD1 billion for reconstruction projects in Iraq.
MENAFN28052023000045015682ID1106332305
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.