The Saudi Public Investment Fund (PIF) and US investment giant BlackRock signed a Memorandum of Understanding on Monday to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia.
Industries to be targeted include energy, utilities, transport and telecoms.
PIF and BlackRock will cooperate to attract regional and international investors to participate in investment projects, boost foreign direct investment (FDI) into Saudi Arabia, add value to the Saudi Arabian economy and the wider market while facilitating knowledge and skills transfer."
The MoU is also in line with PIF’s “mandate to explore new investment opportunities in the MENA region, while enabling and supporting Saudi private sector participation,” according to a statement by the Saudi wealth fund.
“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 PIF’s strategy to expand its local and regional investment portfolio,” the statement added.
