International Holding Co., which is controlled by the country's national security adviser, plans to invest billions of dollars in a number of countries.
Chief Executive Officer Syed Basar Shub said in an interview that investments will range from $1 billion to $5 billiondepending on the country and opportunity.
New markets are more lucrative for us because they give decent returns. A minimum of double-digit growth is what we want.
Ihc is at the forefront of a drive todiversify the economy and deploy its oil windfall overseas.
The company, whose market cap has rocketed to $170 billion within a matter of months, is controlled by the Royal Group, which has a brother to the president.
IHC's shares have skyrocketed this year, leading to a 21% gain on the ADX General Index and making it one of the top ten performing equity benchmarks in the world.
The company's new expansion plans would build on the recent trade agreements the U.S. has made with countries such as India, Indonesia and Turkey, and would add to the company's already significant portfolio of deals.
"We want to take advantage of the government's free trade agreements and other agreements with these countries." That is what makes us so valuable to our shareholders.
Since the beginning of the year, developing-nation assets have become cheap due to investors' concern about the impact Covid and central banks would have on their economies. The valuations of the emerging markets index are close to those of the beginning of the epidemic.
The first major deal between the United States and Turkey since a thaw in relations was announced last week. There is an investment in three companies owned by an Indian billionaire.
IHC is studying potential investments in Israel, where there is a trade pact with the United Arab Emirates.
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