Shafaq News/ Saudi Arabia’s sovereign wealth fund plans to invest $24 billion in Middle Eastern and North Afrian countries as the oil-rich kingdom seeks to bolster regional economies.

The Public Investment Fund plans to set up companies to invest in Bahrain, Oman, Jordan, Iraq, and Sudan, according to a statement. It will channel funds into several sectors including infrastructure, heath care, real estate and telecommunications. In August, the PIF started the Saudi Egyptian Investment Co. to invest in Egypt.

Saudi Arabia’s Crown Prince Mohammed bin Salman is sitting on his first budget surplus since coming to power, allowing him to channel billions of dollars into assets globally and to plan ambitious construction projects.

The wealth fund, also chaired by the crown prince, is a key lever for the kingdom’s efforts to revive growth after a recession caused by the coronavirus pandemic and lower oil prices. Since 2015, the PIF has grown assets under management to $620 billion from about $150 billion.

The announcement came as Saudi Arabia holds the three-day Future Investment Initiative event in Riyadh.