RIYADH: Saudi Arabia\u2019s Public Investment Fund signed a memorandum of understanding with Macquarie Asset Management to expand investments in infrastructure and energy transition projects, marking the latest move to attract global partners.\u00a0<\/p>\r\n
The non-binding agreement will see the two firms explore joint opportunities in priority areas such as digital infrastructure, electric vehicle charging networks and energy storage, according to a PIF statement.\u00a0\u00a0<\/p>\r\n
Macquarie, which manages about $588 billion in assets, also plans to open a regional office in Riyadh as part of the deal.\u00a0<\/p>\r\n
The deal will also support foreign institutional investment in Saudi Arabia\u2019s economy, along with strengthening the asset management industry in the Kingdom.\u00a0\u00a0<\/p>\r\n
The MoU builds on PIF\u2019s ties with the National Infrastructure Fund and other international investors to accelerate the delivery of critical infrastructure projects. The fund, with around $925 billion of assets under management, has been expanding its network of global partnerships as it pursues Saudi Arabia\u2019s Vision 2030 diversification agenda.\u00a0<\/p>\r\n
Yazeed A. Al-Humied, deputy governor and head of Middle East and North Africa, Investments at PIF, said: \u201cThis MoU with MAM marks a significant milestone in attracting leading international infrastructure asset managers that can bring global capital and expertise to accelerate the delivery of Saudi Arabia\u2019s infrastructure pipeline, while promoting knowledge sharing and capacity building in Saudi Arabia.\u201d\u00a0\u00a0<\/p>\r\n
He added: \u201cOur collaboration with MAM also underscores PIF\u2019s commitment to building international partnerships that drive growth and development in local markets.\u201d\u00a0\u00a0<\/p>\r\n
Saudi Arabia\u2019s asset management industry has been growing rapidly, with total assets hitting 1 trillion riyals ($266 billion) in 2024, according to Fitch Ratings, as the Kingdom seeks to deepen its financial markets.\u00a0<\/p>\r\n
PIF, one of the world\u2019s most active sovereign wealth funds, has established more than 100 companies since 2017 as part of its strategy to diversify the economy and boost job creation.\u00a0<\/p>\r\n
Ben Way, global head of Macquarie Asset Management, said the firm aims to explore collaboration in a number of key sectors across infrastructure and energy transition.\u00a0\u00a0<\/p>\r\n
\u201cWe look forward to showcasing our global experience in developing, scaling, and managing transformative projects through exchanging best practices and developing local talent,\u201d he added.\u00a0<\/p>\r\n
PIF said in the statement that the non-binding MoU remains subject to certain conditions, including regulatory and internal approvals.\u00a0<\/p>\r\n","protected":false},"excerpt":{"rendered":"
RIYADH: Saudi Arabia\u2019s Public Investment Fund signed a memorandum of understanding with Macquarie Asset Management to expand investments in infrastructure and energy transition projects, marking the latest move to attract global partners.\u00a0 The non-binding agreement will see the two firms explore joint opportunities in priority areas such as digital infrastructure, electric vehicle charging networks and energy storage, according to a PIF statement.\u00a0\u00a0 Macquarie, which manages about $588 billion in assets, also plans to open a regional office in Riyadh as part of the deal.\u00a0 The deal will also support foreign institutional investment in Saudi Arabia\u2019s economy, along with strengthening the<\/p>\n","protected":false},"author":1,"featured_media":49028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11169],"tags":[13118,13119,13122,13123,13124],"class_list":["post-98","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en-category-news","tag-journal","tag-news","tag-politics","tag-travel","tag-wordpress"],"yoast_head":"\n