(Amman, Jordan – August 9, 2023) — The Saudi Jordanian Investment Fund (SJIF) held its Extraordinary General Assembly meeting on Tuesday, August 8, 2023, via teleconference, during which several decisions were approved.

The meeting was chaired by Mr. Hisham Attar, Chairman of SJIF, and attended by the company’s shareholders, its Board of Directors, senior management, and the Companies Controller Department representative.

The meeting approved the sale of the stake of the Public Investment Fund of Saudi Arabia (PIF) in the Saudi Jordanian Investment Fund (SJIF) to the Saudi Jordanian Investment company (SJIC), a wholly-owned company by the PIF.

In the first quarter of 2023, the PIF became the sole owner of SJIF after acquiring the stake held by Jordanian banks.

According to a statement by SJIC, the transfer of shares represents a key step in the PIF’s investment growth plan in the strategic Jordanian market and reflects its commitment to investing in sustainable and viable projects in Jordan’s strategic and promising sectors, which is in line with PIF’s strategy to foster economic partnerships in the region.

In October 2022, the PIF announced the establishment of five investment companies in Jordan, Bahrain, Sudan, Iraq, and Oman. The move followed the launch of the Saudi Egyptian Investment Company in August 2022.

The six companies aim to invest in key sectors including infrastructure, real estate development, mining, manufacturing, and food and agriculture,

Additionally, the Extraordinary General Assembly meeting accepted the resignation of SJIF’s Board of Directors, and elected a new board. The new board members are Abdulmajeed Al Hagbani, Muteb AlShathri, and Fadi AlSaid.