PIF signs MoU with Goldman Sachs to enhance investment in Saudi Arabia, GCC

The signing of the agreement

The Public Investment Fund (PIF) and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region.

The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia, PIF said in an emailed statement to Argaam.

The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Asset management is part of PIF’s wider efforts to diversify the Saudi economy and enhance local capital markets.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “This MoU is another element in PIF’s strategy of attracting global capital and expertise from a wide range of investors to the region while facilitating knowledge transfer and capacity building within Saudi Arabia.”

Goldman Sachs has been growing its presence in Saudi Arabia over recent years, having recently announced the opening of a new office in Riyadh. The company will explore expanding its local footprint as part of the partnership.

Today’s non-binding MoU remains subject to the satisfaction of certain required conditions, including obtaining all necessary regulatory and internal approvals, among other milestones.