PIF and Macquarie to Jointly Explore Investment Opportunities

Saudi Arabia’s sovereign wealth fund – The Public Investment Fund (PIF) and Australia’s Macquarie Asset Management (MAM) have signed a Memorandum of Understanding (MOU) 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.

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

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 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.

This announcement complements a series of PIF strategic partnerships through its MENA investments to pursue opportunities and launch investment strategies in local and regional markets.

Drawing Global Firms

Yazeed A Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said that the 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 the Kingdom’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,” he added.

Global Head of Macquarie Asset Management Ben Way said that they were excited by the opportunities presented by Saudi Arabia’s economic transformation, and by furthering their 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. By combining our expertise with the Kingdom’s bold vision, we see significant potential to deliver world-class projects that will underpin the Kingdom’s future development,” Ben Way added.

PIF has a forward-looking, long-term investment strategy. Its efforts are advancing the Vision 2030 agenda by positioning Saudi Arabia as a leading global investment hub and a driver of economic diversification and sustainable growth.

The non-binding MoU is subject to satisfying certain necessary requirements including obtaining all necessary regulatory and internal approvals.