A sovereign wealth fund in Saudi Arabia has committed billions to the Middle Eastern technology sector.
In Brief:
The Public Investment Fund (PIF) led by Prince Mohammad Bin Salman has launched a $24bn investment fund.
It will focus on technology and telco in the Middle East.
The PIF is establishing five investment firms across Bahrain, Iraq, Jordan, Oman and Sudan for the fund.
What does this mean?
The aim of the PIF’s new technology pot is to create more opportunities across various parts of the Middle East as it continues its efforts to diversify away from oil.
