Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has signed a non-binding MoU with Macquarie Asset Management (MAM), setting out plans to explore joint investment in infrastructure and energy-transition projects, including digital networks, electric-vehicle charging and energy storage. MAM is also seeking to open a regional office in Riyadh.
The agreement supports the Kingdom’s Vision 2030 goal of economic diversification and greater private sector participation. PIF, with $925 billion in assets under management, has ramped up partnerships with global investors, such as I Squared Capital, Franklin Templeton and Neuberger Berman, through similar MoUs this year.
Macquarie, managing over $600 billion globally, brings nearly three decades of infrastructure investment experience and oversees more than 175 portfolio companies.
Yazeed Al-Humied, Deputy Governor and Head of MENA Investments at PIF, described the MoU as a milestone in attracting infrastructure capital and know-how, aimed at accelerating Saudi infrastructure delivery and developing local capacity. Macquarie’s Global Head, Ben Way, said the firm sees “significant potential” to collaborate on transformative projects, sharing best practices and growing local talent.
The agreement is viewed as part of a broader push to deepen the asset management sector in Saudi Arabia, where total industry assets hit SAR 1 trillion ($266 billion) in 2024. As a preliminary memorandum, execution of any project will depend on regulatory and internal approvals.
