A sovereign wealth fund led by Saudi Crown Prince Mohammed Bin Salman has announced a $24 billion investment fund targeting the Middle East tech sector. Managed by the Public Investment Fund (PIF), this initiative aims to enhance the region’s growing tech and telecommunications industries.
As part of this launch, the PIF will establish five separate investment firms in Bahrain, Oman, Sudan, Jordan, and Iraq. The fund is expected to create more investment opportunities for its portfolio companies and support Saudi Arabia’s private sector.
The announcement was made during the Future Investment Initiative, a key event for the region’s financial services industry. At the same event, Visa revealed plans to establish an innovation center in Saudi Arabia later in 2023.
In recent years, the PIF has emerged as one of the world’s most active sovereign wealth funds, working to increase its assets under management. Technology investments are a primary focus as the fund seeks to align with the Kingdom’s goal of diversifying its economy away from oil dependence.