RIYADH: Saudi Arabia’s Public Investment Fund has signed a $185 million subscription agreement with Capital Bank Group, to have a 23.97 percent stake in the group’s capital upon subscription.

The deal aims to increase the group’s capital by raising its total shareholders’ equity to around $846 million and to expand its business by introducing new services and products in Jordan, Saudi Arabia, Iraq, and other markets, according to a statement.

The agreement’s completion is subject to completing the conditions in the relevant agreements and obtaining the required approvals from regulators and the relevant government authorities.

This comes in line with PIF’s strategy to explore new investment opportunities in the Middle East and North Africa to diversify the Saudi economy in accordance with Vision 2030.