Page 91 - SAMENA Trends - September-October 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Saudi Crown Prince Sets Up $24 Billion Fund to Boost Telecoms, Tech Sectors

in the Region

Saudi Arabia has announced the launch of a new $24 billion fund opportunities in the Middle East and North Africa to build lasting
to bolster key sectors in five neighboring countries Bahrain, Oman, strategic economic partnerships and achieve sustainable returns,
Jordan, Sudan and Iraq. Launched by Crown Prince Mohammed grow PIF’s Assets Under Management, and diversify Saudi Arabia’s
bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council sources of revenue, while underscoring the objectives of Vision
of Economic and Development Affairs and Chairman of the Public 2030.
Investment Fund (PIF), the initiative will include the establishment
of five investment firms in these countries to boost key sectors
such as infrastructure, real estate development, mining, healthcare,
financial services, food and agriculture, manufacturing, telecoms,
and technology among others. The announcement follows the
launch of the Saudi Egyptian Investment Company (SEIC), a wholly
owned PIF subsidiary, in August 2022. The announcement comes
on the second day of the 6th Edition of the Future Investment
Initiative (FII), which is taking place in Riyadh, with the participation
of leading investors, innovators, and world leaders. According to
PIF, the five new companies will contribute to an increase in regional
investment opportunities for PIF’s portfolio companies and Saudi
Arabia’s private sector, bolstering attractive financial returns over
the long term, and creating more avenues for strategic economic
collaboration with the private sector in the target countries as well
as enabling the Saudi private sector. These investments by PIF align
with the Fund’s strategy, which includes seeking new investment

Etisalat Expands 4G

Network to Herat

UAE-backed cellco Etisalat Afghanistan has
expanded 4G services to Herat province,
Khaama Press reports. 4G services will be
available to the cellco’s customers for the
same price as its 3G plans, the company
noted. Commenting on the development,
the operator’s CEO was quoted as saying:
‘The rollout of 4G will enable our valued
customers to benefit from the fast and
reliable internet anywhere and anytime’.

Pakistan to Expand IT Sector

The Prime Minister Shahbaz Sharif said that the government in consultation with the industry leaders. Sharif further added that
is committed to facilitating the expansion and growth of the plans are underway to build IT training and incubation centers,
information technology (IT) sector in the country. According to telecommunications companies and software houses for the
a statement released by the Prime Minister's Office, Sharif said exponential growth of this promising service sector. The prime
at a meeting that "the IT and telecom sector has great potential minister was briefed in the meeting that with a workforce of around
that needs to be unpacked." He said the IT and telecom sector 40,000 IT professionals, Pakistan has a thriving IT and telecom
should achieve a target of 5 billion U.S. dollars as a contribution sector, the statement said. The country has around 195 million
to the country's GDP within a year, adding that the government mobile phone users with a growing mobile phone manufacturing
would extend its full support through a comprehensive package capacity, added the statement.

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