PIF, Macquarie Sign MoU to Boost Saudi Infrastructure Investment

The Public Investment Fund (PIF) of Saudi Arabia and Australia's Macquarie Asset Management (MAM) have signed a memorandum of understanding to boost investments in key sectors such as infrastructure and energy transition, including digital infrastructure, electric vehicle infrastructure, and energy storage. As part of this partnership, MAM plans to open a regional office in Riyadh to strengthen local expertise and support Saudi Arabia's Vision 2030 economic diversification goals. PIF, managing approximately $925 billion in assets, aims to attract international infrastructure asset managers to accelerate the delivery of critical infrastructure projects and foster knowledge sharing and capacity building. This agreement complements PIF's broader efforts to develop the local asset management industry and attract foreign institutional investment, following recent deals with other global asset managers during U.S. President Donald Trump's visit to Riyadh. The collaboration reflects Saudi Arabia’s push to reduce oil dependency by raising foreign direct investment and enhancing private sector growth. While the MoU is a preliminary step and not a binding contract, it marks a significant milestone in increasing global capital and expertise involvement in Saudi Arabia's economic transformation.