Public Investment Fund (PIF) said on Tuesday it was expanding its international presence by creating an investment firm that would pursue real estate, energy, tourism and infrastructure projects in Jordan. PIF said it owned 90% of the new investment firm, with the remainder held by 15 Jordanian banks, including Arab Bank and Jordan Islamic Bank. The company will initially have USD10mn of capital, which may rise in the long term to as much as USD3bn, it said. "Our efforts include the development of a portfolio that has greater geographical diversification, is risk-adjusted across sectors and diversifies sources of income," PIF Managing Director Yasir al-Rumayyan said. The sovereign wealth fund is expanding abroad, investing in US Uber and a global technology fund, and considering other investments ranging from a Kuwaiti food maker to German financial firms with an aim to expand the PIF eventually from USD160bn to cUSD2trn.
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