A sovereign wealth fund led by Saudi crown prince Mohammed Bin Salman has launched a $24bn funding fund targetting the Center East tech sector.
The fund, to be managed by the Public Funding Fund (PIF) is designed to spice up the area’s burgeoning tech and telecoms industries.
As a part of the fund launch, the PIF will set up 5 separate funding companies in Bahrain, Oman, Sudan, Jordan and Iraq.
In line with the PIF, the fund will increase regional funding alternatives for its portfolio corporations in addition to Saudi Arabia’s personal sector.
The announcement was made on the Future Funding Initiative, a flagship occasion for the area’s monetary providers trade.
On the identical occasion, Visa introduced it will arrange an innovation centre in Saudi Arabia a while in 2023.
The PIF has develop into one of many world’s most lively sovereign wealth funds in recenty years because it appears to bolster its belongings below administration.
Know-how has been one of many fund’s major focus because it appears to align with the Kingdom’s acknowledged ambition to diversify away from oil-based revenues.