Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) and Macquarie Asset Management (MAM) signed a memorandum of understanding (MoU) to promote investments and cooperation in major sectors.
The partnership aims to support foreign institutional investment in Saudi Arabia’s economy, further enhancing the Kingdom’s asset management industry, according to a press release.
It also boosts PIF’s MENA deals to leverage opportunities and launch investment strategies in local and regional markets.
Under the MoU, PIF and Macquarie will explore potential joint investments in the infrastructure and energy transition sectors, including key areas such as digital infrastructure, electric vehicle infrastructure, and energy storage.
Macquarie plans to establish a regional office in Riyadh within the framework of PIF’s efforts to localize and build partnerships with leading global investors and operators.
The joint agreement builds on the ongoing collaboration between PIF and the National Infrastructure Fund (Infra), and between Infra, Macquarie to accelerate the delivery of critical infrastructure and energy transition projects.
With nearly $925 billion of assets under management (AUM), PIF generates sustainable financial returns while driving the economic diversification and development of Saudi Arabia.
Macquarie, with over 30 years of experience, manages over $600 billion in client assets and oversees more than 175 portfolio companies across various sectors.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: This 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’s infrastructure pipeline, while promoting knowledge sharing and capacity building in Saudi Arabia."
Ben Way, Global Head of Macquarie, added: “We look forward to showcasing our global experience in developing, scaling, and managing transformative projects through exchanging best practices and developing local talent.”
“By combining our expertise with the Kingdom’s bold vision, we see significant potential to deliver world-class projects that will underpin the Kingdom’s future development,” the official added.
