PIF signs MoU with BlackRock to explore infrastructure investments in Saudi Arabia, ME

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) announced today, Nov. 14 signing a non-binding memorandum of understanding (MoU) with BlackRock, the global investment company, to anchor BlackRock’s Middle East Infrastructure strategy and establish a framework to jointly explore infrastructure projects in the Middle East (ME), 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, the Kingdom’s sovereign wealth fund said in a statement.

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.

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 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. 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.