Saudi Public Investment Fund partners with BlackRock
The US investment firm also signed a cooperation deal with the UAE earlier this year.
Saudi Arabia’s sovereign wealth fund announced today a partnership with a major US investment firm.
The Public Investment Fund and BlackRock signed a nonbinding memorandum of understanding on joint investments in infrastructure in Saudi Arabia. The investments will target the following sectors:
- energy and power
- utilities
- water
- environment
- transportation
- telecommunications
- social infrastructure
The investments will focus on Saudi Arabia. The Public Investment Fund and BlackRock will work together to attract regional and international investment to the kingdom, according to a press release.
Why it matters: This is not the first such agreement BlackRock has signed with a Gulf state. In March, the United Arab Emirates’ investment forum Investopedia signed an MoU with BlackRock.
