Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) has announced the signing of a non-binding MoU with BlackRock, the global investment company, to anchor the group’s Middle East Infrastructure strategy and establish a framework to jointly explore infrastructure projects in the region, with a majority of the investment activity focused on Saudi Arabia. 

 

In support of this initiative, BlackRock will look to build a dedicated infrastructure investment team in Riyadh to cover the Middle East region, said PIF in its statement.

 

The Saudi wealth fund said it plans to work together with BlackRock to attract regional and international investors to participate in investment projects, boost foreign direct investment (FDI) into Saudi Arabia, add value to the kingdom's economy and the wider market while facilitating knowledge and skills transfer.

 

The target projects are across a range of sectors including energy, power, utilities, water, environment, transportation, telecommunications and social infrastructure, leveraging positive Saudi and regional market dynamics to deliver sustainable long-term returns, said a company spokesman.

 

The MoU signing is aligned with PIF’s mandate to explore new investment opportunities in the Mena region, while enabling and supporting Saudi private sector participation, he stated. 

 

It further cements PIF’s partnership with BlackRock and allows both parties to explore opportunities in Saudi Arabia and across the Middle East, in line with wealth fund’s strategy to expand its local and regional investment portfolio, he added.-TradeArabia News Service