RIYADH: US investment management giant BlackRock will create a dedicated team in Riyadh as part of a deal reached with Saudi Arabia’s Public Investment Fund to attract more investment into the Kingdom. 

The PIF has signed a Memorandum of Understanding with the firm to help attract regional and international investors to projects, including those in the energy, power, utilities, water, environment, transportation, telecommunication, and social infrastructure sectors.

The MoU is the latest move by the PIF to explore new investment opportunities in the Middle East while boosting the participation of the Saudi private sector, and also matches the fund’s objective to further expand its domestic and regional investment portfolio. 

Last month, Saudi Arabia’s Crown Prince Mohammed bin Salman announced PIF will establish five more regional investment companies, in Jordan, Bahrain, Sudan, Iraq, and Oman. 

This comes after the launch of the Saudi Egyptian Investment Co. in August, and across all six companies the value of the targeted investments will reach SR90 billion ($24 billion).

Companies will invest in infrastructure, real estate development, mining, healthcare, financial services, food and agriculture, manufacturing, telecommunications and technology, and other strategic sectors.

The PIF plays a key role in accelerating the Kingdom’s economic transformation and diversification as part of Saudi Arabia’s Vision 2030 strategy.