Regional investment offices in Egypt, Bahrain, Jordan, and Oman drive strategic acquisitions and partnerships in line with Vision 2030, says fund executive.
RIYADH — Saudi Arabia’s Public Investment Fund (PIF) has executed more than 10 investment deals across the Middle East and North Africa (MENA) over the past two years, a senior official has announced, describing the financial returns as “rewarding.”
Muteb Al-Shathri, head of the PIF’s Securities Investments Private Equity Section, said the sovereign wealth fund has established regional investment companies with offices in Cairo, Manama, Amman, and Muscat to drive its expansion strategy.
“These offices, set up more than two years ago, have been pivotal in identifying suitable opportunities and helping PIF’s companies and the Saudi private sector enter these markets,” Al-Shathri stated. He emphasized that the fund is continuously scanning for new opportunities in collaboration with public and private partners, provided a suitable investment climate exists.
The regional push is framed as a core component of Saudi Arabia’s Vision 2030 economic diversification agenda. It aims to build long-term strategic partnerships, strengthen the PIF’s asset base, and enable Saudi private sector expansion across the region.
Deals and Market Focus
Al-Shathri highlighted that the scale of deals varies, with some being private acquisitions and others involving now-publicly traded companies. He noted that comparing entry prices with current valuations shows strong performance.
Key investments include:
- In Egypt: The Saudi-Egyptian Investment Co. acquired stakes in companies such as B.Tech (electronics retail), CERA Group (education), Cleopatra Hospitals Group, and several publicly traded firms including e-Finance and fertilizer producers.
- In Jordan: The Saudi-Jordanian Investment Co. invested in the Opensooq platform, Capital Bank Group, and Al-Youm Bakery, and launched a major healthcare and medical education project.
- In Oman: The Saudi-Omani Investment Co. invested a total of $163 million in stakes in Abraj Energy Services, OQ Basic Industries, and OQ Oman Gas Networks.
- In Bahrain: The Saudi-Bahraini Investment Co. recently signed an agreement with Mumtalakat, Bahrain’s sovereign wealth fund, to enhance cooperation.
A notable earlier investment highlighted was in ADES, an oil well drilling company that was taken private and later re-listed, which recently secured an agreement to develop oil and gas fields in Syria.
Strategy and Future Outlook
Al-Shathri stressed that PIF’s investments are based on clear principles, targeting “quality investments with rewarding, sustainable returns while creating positive social and economic impact in each market.” While open to all sectors, the fund leverages the competitive advantages of each market.
Domestically, Al-Shathri reaffirmed that Saudi Arabia remains the PIF’s priority, citing a recent deal involving BlackRock and Saudi Aramco in the Al-Jafurah field as an example of attracting international investment.
Looking ahead, he said the fund is “constantly monitoring the markets” and will announce new opportunities in line with its procedures, focusing on companies with strong management and growth potential that align with Vision 2030 objectives.
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