• PIF’s relationships with international partners accelerate growth and diversification of the Saudi economy

RIYADH – PIF and Macquarie Asset Management (MAM) today announced the signing of 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 localize 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.

Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: This 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 Saudi Arabia’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."

Ben Way, Global Head of Macquarie Asset Management, added: “We are excited by the opportunities presented by Saudi Arabia’s economic transformation, and by furthering our 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.”

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.

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.

About PIF

PIF is the investment engine driving economic transformation for Saudi Arabia and the world. With an ambitious program to deliver Vision 2030, PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For more information, visit the website at www.pif.gov.sa

Rupert Trefgarne: rtrefgarne@pif.gov.sa

About Macquarie Asset Management 

Macquarie Asset Management is a global asset manager, integrated across public and private markets. Trusted by institutions, governments, foundations and individuals to manage approximately $US588.1 billion in assets, we provide a diverse range of investment solutions including real assets, real estate, credit and equities & multi-asset. 

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 19,000 people in 31 markets and is listed on the Australian Securities Exchange. 

All figures as at 31 March 2025.