News

PIF and BlackRock strike infrastructure investment deal

Nov 18, 2022 By Nik Pratt
PIF, BlackrockThe world’s largest asset manager is set to team up with one of the largest sovereign wealth for a series of major infrastructure projects. Saudi Arabia’s Public Investment Fund (PIF) has signed a non-binding MoU with BlackRock to anchor its Middle East infrastructure strategy. As part of the deal, BlackRock has agreed to set up a dedicated infrastructure investment team in Riyadh. According to a PIF statement, the two intend to work together to identify infrastructure investment opportunities and attract more international investment into the kingdom. The PIF has previously stated its ambition to grow its assets under management in excess of US$1 trillion. Meanwhile, BlackRock was appointed as an adviser to the Saudi wealth fund in October 2021 after it launched a national infrastructure fund to support infrastructure projects planned for the next decade. ©2022 funds global mena

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