Arab News, Wednesday, Nov 16, 2022 | Rabi Al Thani 21, 1444
PIF signs MoU with investment firm BlackRock to boost infrastructure project finances
Saudi Arabia :
US investment management giant BlackRock will create a dedicated team in Riyadh
as part of a deal reached with Saudi Arabia’s Public Investment Fund to attract
more investment into the Kingdom.
The PIF has signed a Memorandum of Understanding
with the firm to help attract regional and international investors to projects,
including those in the energy, power, utilities, water, environment,
transportation, telecommunication, and social infrastructure sectors.
The MoU is the latest move by the PIF to explore
new investment opportunities in the Middle East while boosting the participation
of the Saudi private sector, and also matches the fund’s objective to further
expand its domestic and regional investment portfolio.
Last month, Saudi Arabia’s Crown Prince Mohammed
bin Salman announced PIF will establish five more regional investment companies,
in Jordan, Bahrain, Sudan, Iraq, and Oman.
This comes after the launch of the Saudi Egyptian
Investment Co. in August, and across all six companies the value of the targeted
investments will reach SR90 billion ($24 billion).
Companies will invest in infrastructure, real
estate development, mining, healthcare, financial services, food and
agriculture, manufacturing, telecommunications and technology, and other
strategic sectors.
The PIF plays a key role in accelerating the
Kingdom’s economic transformation and diversification as part of Saudi Arabia’s
Vision 2030 strategy.