Saudi Arabia Announces Investments of $24B in 6 Arab States, $1.5B for Clean Energy Tech

Saudi Crown Prince Mohammed bin Salman announced on Wednesday that Saudi Arabia’s Public Investment Fund had established five regional investment companies to invest in Bahrain, Iraq, Jordan, Oman, and Sudan. These companies, together with the Saudi Egyptian Investment Company established in August, plan to invest up to 90 billion Saudi Riyals ($24 billion) in key sectors of economic activity, such as financial services, food and agriculture, health care, infrastructure, manufacturing, mining, real estate development, technology, and telecoms. The announcement was made on the second day of the 6th edition of the Future Investment Initiative conference in the Saudi capital Riyadh. Saudi petroleum giant Aramco also announced Wednesday the establishment of a $1.5 billion sustainability fund for investment in technologies to support the transition to clean, renewable energy sources, helping to lower greenhouse gas emissions and fight global warming. The fund plans to focus on areas such as carbon capture and storage, digital sustainability, energy efficiency, greenhouse gas emissions, hydrogen, nature-based climate solutions, and synthetic fuels.

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