Fund executive outlines strategic investments across Egypt, Bahrain, Jordan, and Oman as part of Vision 2030-driven MENA push.
RIYADH — Saudi Arabia’s Public Investment Fund (PIF) has executed more than 10 investment deals across the Middle East and North Africa (MENA) in the past two years, a senior official disclosed, signaling a strategic regional expansion aligned with the Kingdom’s Vision 2030.
Muteb Al-Shathri, head of the Securities Investments Private Equity Section at the $900 billion sovereign wealth fund, described the financial returns as “rewarding” and emphasized that the search for further opportunities continues.
Strategic Regional Push
Al-Shathri noted that PIF has established dedicated investment companies with offices in Cairo, Manama, Amman, and Muscat, enabling deeper market access and partnerships. “These offices have been pivotal in identifying suitable opportunities and helping PIF’s companies and the Saudi private sector enter these markets,” he said.
The moves are framed as part of a dual strategy: to achieve sustainable returns and diversify Saudi Arabia’s economy, while strengthening economic integration across the region. “The PIF’s recent regional activities are fully aligned with Saudi Arabia’s Vision 2030 strategy,” Al-Shathri stated.
Key Investments by Market
The fund has pursued a sector-agnostic approach, targeting high-growth companies and strategic assets:
- In Egypt: Through the Saudi-Egyptian Investment Co., PIF invested in B.Tech (electronics retail), CERA Group (education), Cleopatra Hospitals Group, and several listed firms including e-Finance and fertilizer producers.
- In Jordan: The Saudi-Jordanian Investment Co. took stakes in the Opensooq platform, Capital Bank Group, and Al-Youm Bakery, and launched a major healthcare and medical education initiative.
- In Oman: The Saudi-Omani Investment Co. invested $163 million for stakes in Abraj Energy Services, OQ Basic Industries, and OQ Oman Gas Networks.
- In Bahrain: The Saudi-Bahraini Investment Co. recently signed a cooperation agreement with Bahrain’s sovereign fund Mumtalakat.
Al-Shathri also highlighted PIF’s 2021 investment in ADES, an oil drilling firm later relisted, which recently secured a contract to develop oil and gas fields in Syria.
Returns and Future Outlook
While some deals were private acquisitions, many portfolio companies are now publicly traded, with share price growth underscoring strong performance. Al-Shathri reiterated that PIF seeks “quality investments with rewarding, sustainable returns while creating positive social and economic impact in each market.”
Domestically, PIF remains focused on Saudi Arabia, recently facilitating a deal between BlackRock and Saudi Aramco for the Al-Jafurah gas field. Looking ahead, Al-Shathri said the fund is “constantly monitoring the markets” and will announce new opportunities in line with its mandate.
