Saudi Arabia’s Public Investment Fund (PIF) has entered into a non-binding memorandum of understanding (MoU) with global investment firm BlackRock to explore new investment opportunities in the MENA region.

The majority of the investment activity will be concentrated in Saudi Arabia, and BlackRock intends to establish a specialized infrastructure investment team in Riyadh to serve the Middle East, according to a statement issued by the sovereign wealth fund. 

The targeted areas are energy, electricity, utilities, water, environment, transportation, telecommunications, and social infrastructure.

Moreover, PIF and BlackRock will attract regional and worldwide investors to collaborate in investment projects and increase FDI into the kingdom and the wider market.

In 2021, Saudi Arabia, advised by BlackRock, announced a national infrastructure fund to assist up to $53 billion in projects such as water, transportation, energy, and health over the following decade, according to state news agency SPA.

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