The Public Investment Fund (PIF) and Macquarie Asset Management (MAM) have signed a memorandum of understanding to advance investments and collaboration in key sectors and industries, support foreign institutional investment in Saudi Arabia’s economy, and further enhance the Saudi asset management industry.

 

Under the MoU, PIF and MAM will explore potential joint investments in the infrastructure and energy transition sectors, including priority areas such as digital infrastructure, electric vehicle infrastructure, and energy storage, said a Saudi Press Agency report. 

 

MAM will seek to establish a regional office in Riyadh, which represents a continuation of PIF’s ongoing efforts to localize and build partnerships with leading global investors and operators, it said.

 

PIF is one of the world’s most impactful investors, with approximately $925 billion of assets under management. It has a unique mandate to generate sustainable financial returns while driving the economic diversification and development of Saudi Arabia. MAM, with over 30 years of experience, manages more than $600 billion in client assets, making it one of the world’s largest infrastructure asset managers, overseeing over 175 portfolio companies across various sectors.

 

The MoU builds on the ongoing collaboration between PIF and the National Infrastructure Fund (Infra), and between Infra, MAM and other leading global investors to enable and accelerate the delivery of critical infrastructure and energy transition projects.

 

Deputy Governor and Head of MENA Investments at PIF Yazeed Al-Humied said in a press release issued today: "This MoU with MAM marks a significant milestone in attracting leading international infrastructure asset managers that can bring global capital and expertise to accelerate the delivery of Saudi Arabia’s infrastructure pipeline, while promoting knowledge sharing and capacity building in Saudi Arabia. Our collaboration with MAM also underscores PIF's commitment to building international partnerships that drive growth and development in local markets."

 

Global Head of Macquarie Asset Management Ben Way added: "We are excited by the opportunities presented by Saudi Arabia’s economic transformation, and by furthering our relationship with PIF. We aim to explore collaboration in a number of key sectors across infrastructure and energy transition. We look forward to showcasing our global experience in developing, scaling, and managing transformative projects through exchanging best practices and developing local talent."