Joint fund with Jordan cos. may grow to as much as $3 billionSaudi Arabia?s Public Investment Fund will create a new investment company to target real estate, energy and tourism projects in Jordan, as it continues to expand and diversify.
The Saudi-Jordanian Investment Fund Co. will start with $10 million of capital, which may rise to as much as $3 billion in the long term, the Public Investment Fund said in an emailed statement Tuesday following Saudi King Salman?s visit to neighboring Jordan.
The PIF will own 90 percent of the new fund, with the remainder held by a group of Jordanian companies, it said.
Officials are rolling out a series of measures as the plan to overhaul the economy begins in earnest, including subsidy cuts and new taxes.
?Our efforts include the development of a portfolio that has greater geographical diversification,? PIF Managing Director Yasir Alrumayyan said in the fund?s statement.
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