Macquarie to set up base in Saudi Arabia after signing MoU with PIF
Make us a preferred source
Make us a preferred source on Google
The news: Macquarie Asset Management (MAM) is looking to set up an office in Saudi Arabia after signing a Memorandum of Understanding with the country’s USD925 billion ($1.4 trillion) sovereign wealth fund, Public Investment Fund (PIF).
The numbers: Saudi Arabia is currently aiming to achieve USD100 billion in foreign direct investment by 2030 as part of its Vision 2030 program to diversify its economy away from oil dependency and boost its private sector.
The context: Under the MoU, PIF and the MAM will explore joint investments in sectors such as digital infrastructure, electric vehicle infrastructure and energy storage.
A press release shared by PIF on Monday says that MAM will seek to establish a regional office in Riyadh, which represents a continuation of PIF’s ongoing efforts to localise and build partnerships with leading global investors and operators.
What they said: Ben Way, global head of Macquarie Asset Management, added: “We are excited by the opportunities presented by Saudi Arabia’s economic transformation, and by furthering our relationship with PIF. We aim to explore collaboration in a number of key sectors across infrastructure and energy transition…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.”
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.”
The sources: PIF press release, Reuters
