Saudi Arabia: New company for industrial investments

The cabinet has approved a licence for the Saudi Arabian Company for Industrial Investments, which has a capital of SR2bn ($533m) and is a joint venture between the finance ministry’s Public Investment Fund, state-owned Saudi Arabian Oil Company (Aramco) and Saudi Basic Industries Corporation (Sabic). In a statement on state news agency SPA on 24 March, the cabinet said the company’s goals were to exploit basic products and invest them in manufacturing and supporting industries; to invest in strategic economic sectors with the aim of developing manufacturing industries in all industrial sectors.