PIF Creates MENA Investments Unit, Broader Scope

Posted on 06/09/2021

Saudi Arabia’s Public Investment Fund (PIF) formed an new unit focused on the Middle East and North Africa by expanding its local investments unit. This is partly in tangent with creating two deputy governors for the sovereign wealth fund.

PIF’s ambitions are growing beyond domestically and to the far shores of U.S. and Europe. PIF has plans to invest across North Africa and the broader Middle East. For example, PIF is an investor in the Saudi Jordanian Investment Fund, which is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund, which owns 90% of the company, and 16 conventional and Islamic Jordanian banks, which own the remaining 10%. The Saudi Jordanian Investment Fund recently invested in Jordan-based online classifieds marketplace OpenSooq.

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