Written by Mfonobong Nsehe | From Forbes

Saudi billionaire Prince Alwaleed Bin Talal Alsaud plans to invest more in Africa.

On Monday, Prince Alwaleed’s diversified investment company, Kingdom Holdings, signed a memorandum of understanding (MOU) with Pinebridge Investments Middle East, a leading independent asset manager based in Bahrain, to establish a joint venture that would invest directly in private equity opportunities in Africa.

According to a press release published on Pinebridge’s website, the new joint venture will invest in African companies engaged in the manufacturing, consumer, infrastructure and financial sectors, in response to rising investor demand for exposure to the continent’s fast growing economies.

“We have a strong conviction that the African continent is going through positive socio-economic transformations,” Talal Al Zain, Chief Executive Officer of Pinebridge Investments said in the news release.

Read more at Forbes