Governor of the Saudi Public Investment 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, Investment Minister Khalid Abdulaziz Al Falih and Advisor to Royal Court Mohamed Mazyed Altwaijri pose for photo during meeting to Launch Public Investment Fund Strategy 2021-2025, in Riyadh, Saudi Arabia, January 24, 2021. Saudi Press Agency/Handout via REUTERS

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

The $600 billion Saudi state fund will pay $185 million for the stake, by buying 63 million new shares of the bank, it said in a statement.

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

Jordan is among the mostly 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. read more

Abu Dhabi state holding firm ADQ has also allocated $10 billion in investment for projects with Egypt and Jordan. read more

Reporting by Saeed Azhar; Editing by Kirsten Donovan

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