Saudi PIF buys 23.97% stake in Jordan’s Capital Bank Group

Governor of the Saudi Public Funding Fund Yasir Othman Al-Rumayyan, Saudi Finance Minister Mohammed Abdullah Al Jadaan, Tourism Minister Ahmed Aqeel Al Khateeb, Minister of State Ibrahim Abdulaziz Al-Assaf, Saudi Crown Prince Mohammed bin Salman, Commerce Minister Majid Abdullah Al Qasabi, Funding Minister Khalid Abdulaziz Al Falih and Advisor to Royal Court docket Mohamed Mazyed Altwaijri pose for picture throughout assembly to Launch Public Funding Fund Technique 2021-2025, in Riyadh, Saudi Arabia, January 24, 2021. Saudi Press Company/Handout through REUTERS

DUBAI, June 5 (Reuters) – Saudi Arabia’s sovereign wealth fund, the Public Funding Fund, mentioned on Sunday it would purchase a 23.97% stake in Capital Financial institution Group, one of many largest banking teams in Jordan, Iraq and the Center East and North Africa (MENA) area.

The $600 billion Saudi state fund pays $185 million for the stake, by shopping for 63 million new shares of the financial institution, it mentioned in an announcement.

The deal goals to extend the banking group’s complete shareholder fairness to round $846 million, bolstering its means to execute its technique and develop its enterprise, the assertion mentioned.

The deal is in step with PIF’s technique to discover new funding alternatives within the MENA area.

Jordan is among the many principally regional international locations that Saudi Crown Prince Mohammed bin Salman is planning to go to quickly, sources informed Reuters final month. He’s anticipated to debate regional and worldwide points and ink power and commerce agreements. learn extra

Abu Dhabi state holding agency ADQ has additionally allotted $10 billion in funding for tasks with Egypt and Jordan. learn extra

Reporting by Saeed Azhar; Enhancing by Kirsten Donovan

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