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Laxman Pai, Opalesque Asia: The Public Investment Fund (PIF), Saudi Arabia's $620 billion sovereign wealth fund, announced a partnership with the major US investment firm BlackRock.
According to a press note from the state-run fund, the nonbinding memorandum of understanding (MoU) will explore infrastructure projects in the Middle East.
Since most of the investment activity will focus on Saudi Arabia, BlackRock plans to build a dedicated infrastructure investment team in Riyadh to cover the Middle East region, the sovereign wealth fund said in the statement.
Projects will be sourced across sectors including energy, power, utilities, water, environment, transportation, and telecommunications, according to a statement. In its first project, the partnership will work with Saudi Investment Recycling Co. to develop and operate waste management projects in the region.
"PIF and BlackRock plan to work together 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 note explained.
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," the statement read.
"It further cements PIF's partnership with BlackRock and allows both parties to explore opportuni...................... To view our full article Click here
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