A Saudi Arabian investment and infrastructure firm has pledged $700 million to a Dubai-based developer of African special economic zones, in what the companies described as one of the continent’s largest private infrastructure capital raises to date.

What happened: Saudi Arabia's Vision Invest will invest in pan-African developer Arise Integrated Industrial Platforms, which will use the funds to expand across the continent and develop green industrial ecosystems, the two companies said in a joint statement on Wednesday. 

As part of the deal, Vision Invest will also acquire an undisclosed stake in Arise, joining existing shareholders Africa Finance Corporation, Dubai-based conglomerate Equitane and the Fund for Export Development in Africa, the development impact platform of Afreximbank.

Founded in 2002, Vision Invest is owned by Al Muhaidib Group — one of Saudi Arabia’s largest conglomerates, with interests spanning the food, retail, infrastructure and industry sectors — and Abunayyan Holding, a trading, manufacturing, water and energy company. Vision Invest focuses on public-private sector partnerships in infrastructure and development.