The Clap
The Saudi Public Investment Fund (PIF) signed a non-binding memorandum of understanding with BlackRock, a global investment company, to solidify the company’s infrastructure strategy in the Middle East.
The Deets
The PIF and BlackRock hope that their cooperation will attract regional and international investors to invest in the projects while promoting FDI in Saudi Arabia, adding value to the local economy and the Saudi market, and enabling the transfer of knowledge and skills.
So What
The signing of the memorandum is in line with the fund’s strategy of expanding its investment portfolio locally and regionally.
Now What
According to Bloomberg, the PIF is considering listing ADES International Holding, a company that specializes in drilling oil and gas wells in KSA, in an IPO on the Saudi Tadawul by H1 2023 in an attempt to raise billions of dollars in capital to make investments.
