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Saudi Wealth Fund Targets Real Estate, Energy Projects in Jordan

  • Joint fund with Jordan cos. may grow to as much as $3 billion
  • Saudi’s Public Investment Fund will own 90 percent of new fund
Saudi Arabia's King Salman arrives in Amman, Jordan, on March 27, 2017.
Photographer: Raad Adayleh/AP

Saudi 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.