Saudi Arabia’s Public Investment Fund (PIF), a $620 billion sovereign wealth fund, has signed a non-binding memorandum of understanding (MoU) with global investment firm BlackRock to explore infrastructure projects in the Middle East.
The target projects include sectors such as energy, power, utilities, water, environment, transportation, telecommunications and social infrastructure. In addition, PIF and BlackRock will collaborate to draw regional and international investors to participate in investment projects, boosting foreign direct investment into the kingdom.
The MoU signing is aligned with PIF’s mandate to explore new investment opportunities in the MENA region, while also enabling and supporting Saudi private sector participation. It further cements PIF’s partnership with BlackRock
