The Public Investment Fund of Saudi Arabia announced on Sunday that it will acquire a 23.97 percent stake in Capital Bank Group, one of the largest banking groups in Jordan, Iraq, and the Middle East and North Africa (MENA) region.
According to a statement, the $600 billion Saudi state fund will pay $185 million for the stake by purchasing 63 million new shares of the bank.
The deal aims to increase the banking group’s total shareholder equity to around $846 million, bolstering its ability to execute its strategy and expand its business, the statement said.
The transaction is consistent with PIF’s strategy of exploring new investment opportunities in the MENA region.
Jordan is among the most regional countries that Saudi Crown Prince Mohammed bin Salman is planning to visit soon, sources told Reuters last month. He is expected to discuss regional and international issues and ink energy and trade agreements.
Abu Dhabi state holding firm ADQ has also allocated $10 billion in investment for projects with Egypt and Jordan.
