The emerging markets-focused asset management firm Gemcorp Capital LLP is setting up a $1 billion fund to bring foreign investment into some of Saudi Arabia’s most ambitious projects.

The fund will target investments in projects that are aligned with Vision 2030, Crown Prince Mohammed Bin Salman’s plan to transform the Saudi economy away from reliance on oil, the company said in an October 25 statement.

The partnership between Gemcorp and the kingdom’s Ministry of Investment will offer investment products including credit, equity and hybrid debt. Gemcorp will provide seed financing for the fund, while the ministry will allow access to potential opportunities.

Gemcorp’s announcement came on the sidelines of the Future Investment Initiative, an annual gathering of the world’s finance elite in Riyadh. Saudi Arabia is seeking to reassure investors that the kingdom remains an attractive investment destination despite the ongoing war between Israel and Hamas.

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Hitting targets for attracting foreign direct investment as part of Crown Prince Mohammed bin Salman’s plans to overhaul the Saudi economy has been a challenge. That plan envisages lifting foreign investment to 5.7% of economic output.

Yet most of the $19.3 billion foreign investment in 2021 — the most since 2010 — came from state oil company Saudi Aramco selling part of its pipeline unit, rather than going into new industries.

“Saudi Arabia has recently become very attractive to global investors, and this fund will provide further investment support for key sectors such as energy, infrastructure, and mining and minerals,” Khalid Al-Falih, Saudi Arabia’s minister of investment said in the statement.