RIYADH — The Public Investment Fund (PIF) Monday announced signing a non-abiding memorandum of understanding (MoU) with BlackRock Company that works in investments, in a bid to instill the infrastructure strategy of the company in the Middle East.

The MoU will also draw a framework for cooperation to explore investment opportunities in infrastructure in the Middle East, and concentrate investment activities on the Kingdom of Saudi Arabia.

BlackRock looks forward to supporting this initiative through its efforts to build a team specializing in infrastructure investments in Riyadh, for its activities to cover the Middle East region.

The targeted package of schemes includes a number of sectors, like: energy, utilities, water, environment, transport, and communications and social infrastructure, and will benefit from Saudi and regional market vitality to achieve long-term sustainable returns.

PIF and BlackRock plan to collaborate to attract regional and international investors to participate in investment projects, promote foreign direct investments in Saudi Arabia, add positive value to the Saudi economy and market, and enable the transfer of knowledge and skills.

The signing of the memorandum is in line with the PIF's strategy to explore new investment opportunities in the Middle East and North Africa and enable local private sector engagement.

This is in addition to allowing the two sides to explore opportunities in the Kingdom of Saudi Arabia and the Middle East as part of the fund's strategy to expand its investment portfolio locally and regionally. — SPA