Written by 07:51 Saudi Arabia, News

Brookfield and Saudi Arabia’s PIF Sign an MOU to Build a $2 Billion Investment Platform

Brookfield and Saudi Arabia's PIF Sign an MOU to Build a $2 Billion Investment Platform

RIYADH: A non-binding memorandum of agreement has been signed by Brookfield Asset Management Ltd. and Saudi Arabia’s Public Investment Fund, allowing the wealth fund to become a strategic anchor investor in Brookfield Middle East Partners. A press statement states that Brookfield would use this new platform, BMEP, as its private equity vehicle for investments in Saudi Arabia and the surrounding area. The Future Investment Initiative event, which is presently taking place in Riyadh, is where the Memorandum of Understanding was finalised.

With an emphasis on buyouts, structured solutions, and other investment possibilities across important industries like industrials, business and consumer services, technology, and healthcare, BMEP hopes to fund $2 billion from a variety of investors.

In order to facilitate foreign direct investment into the Kingdom, at least half of the funds will be allocated to investments in Saudi Arabia as well as to well-known foreign businesses aiming to grow in the local market. In order to fulfil Saudi Arabia’s goal of becoming a major hub for international investment and economic growth, this cooperation aims to leverage the strengths of PIF and Brookfield to improve local private equity investment options and advance economic development in the kingdom.

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