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The two entities will collaborate to attract regional and foreign investors and stimulate foreign direct investment in Saudi Arabia.
Saudi Arabia’s Public Investment Fund (PIF) has announced the signing of a non-binding Memorandum of Understanding with investment firm BlackRock.
The deal aims to anchor BlackRock’s infrastructure strategy in the Middle East and identify a framework for jointly exploring infrastructure projects in the Middle East, with most of the investment activity directed to Saudi Arabia, PIF said in a statement.
BlackRock will look to build an infrastructure investment team engaged in Riyadh to cover the Middle East region with the initiative.
The firm is in line with BIF’s mandate to pursue new investment opportunities in the MENA region, while enabling personal sector participation. https://t. co/wIwN9Ruseb pic. twitter. com/PzoNoR7Qz8
— Public Investment Fund (@PIF_fr) 14 November 2022
The selected projects cover a variety of sectors, adding energy, electricity, utilities, water, environment, transport, telecommunications and social infrastructure.
In cargo, PIF and BlackRock aim to collaborate to attract regional and foreign investors to participate in investment projects, stimulate foreign direct investment (FDI) in Saudi Arabia, raise the price to the kingdom’s economy and the market in general while facilitating the movement of wisdom and skills, reporting loading.
The signing of the MoU is also in line with BIF’s mandate to explore new investment opportunities in the MENA region, while supporting the participation of the Saudi personal sector.
The kingdom’s sovereign wealth fund has introduced several projects for local and regional investments. The PIF will identify five regional investment corporations with the aim of making an investment in Bahrain, Iraq, Jordan, Oman and Sudan, it was announced last month.
Read: Saudi PIF to set up five corporations to seek investments in Bahrain, Oman and other countries
The announcement follows the launch of the Saudi Egypt Investment Company in August, which would do so in the North African country.
Read: Saudi fund launches company in Egypt
PIF also announced last month the launch of a new company, which would invest in localizing halal production in the kingdom.
Read: Saudi Arabia’s PIF launches company to expand halal production industry
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