SAUDI ARABIA

 

Saudi Fund To Back Manufacturers

 

Saudi Arabia’s cabinet has approved the formation of a company capitalized at SR2bn ($533mn) to invest in manufacturing industries as part of Riyadh’s push to diversify its economy and create jobs. The Saudi Arabian Company for Industrial Investment will be owned 50% by the Ministry of Finance’s Public Investment Fund (PIF), 25% by Saudi Aramco and 25% by SABIC. “It will focus on conversion industries...