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

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Governor of the Saudi Public Investment Fund Yasir Othman Al-Rumayyan, Saudi Minister of Finance Mohammed Abdullah Al Jadaan, Minister of Tourism Ahmed Aqeel Al Khateeb, Minister of State Ibrahim Abdulaziz Al-Assaf, Saudi Crown Prince Mohammed bin Salman, Minister of Commerce Majid Abdullah Al Qasabi , Investment Minister Khalid Abdulaziz Al Falih and Royal Court Advisor Mohamed Mazyed Altwaijri pose for a photo during a meeting to launch the Public Investment Fund Strategy 2021-2025, in Riyadh, Saudi Arabia, January 24, 2021. Saudi Press Agency/Handout via REUTERS

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DUBAI, June 5 (Reuters) – Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, said on Sunday it would buy a 23.97% stake in Capital Bank Group, one of Jordan’s largest banking groups, from Iraq and the Middle East and the North. Africa Region (MENA).

Saudi Arabia’s $600 billion public fund will pay $185 million for the stake, buying 63 million new shares of the bank, it said in a statement.

The deal aims to increase the banking group’s total equity to approximately $846 million, strengthening its ability to execute its strategy and grow its business, according to the statement.

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The agreement is in line with PIF’s strategy to explore new investment opportunities in the MENA region.

Jordan is among the mainly regional countries that Saudi Crown Prince Mohammed bin Salman plans to visit soon, sources told Reuters last month. He is expected to discuss regional and international issues and sign energy and trade agreements. Read more

Abu Dhabi’s state-owned holding company, ADQ, has also allocated $10 billion in investments to projects with Egypt and Jordan. Read more

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Reporting by Saeed Azhar; Editing by Kirsten Donovan

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