Saudi Arabia’s Public Investment Fund (PIF) has signed a non-binding memorandum of understanding with Brookfield Asset Management to act as a strategic anchor investor in Brookfield Middle East Partners (BMEP).
This new private equity fund aims to attract $2 billion from various investors for opportunities in sectors like industrials, technology and healthcare.
At least half of these investments will focus on Saudi Arabia, fostering foreign direct investment and supporting the nation’s economic growth strategy. The partnership seeks to leverage the strengths of both PIF and Brookfield, enhancing local private equity opportunities and driving economic development.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “PIF’s collaboration with Brookfield demonstrates our continued efforts to foster international partnerships that enhance local markets. This MoU represents a step toward achieving PIF’s vision of attracting global capital and expertise to the region while facilitating knowledge transfer and capacity-building within Saudi Arabia.”
PIF continues to play a key role in Saudi Arabia’s economic diversification, having created numerous jobs and new companies both locally and globally. Meanwhile, Brookfield, a significant foreign investor in the GCC, has been active in the region for decades, focusing on long-term partnerships with local institutions.
Bruce Flatt, CEO of Brookfield Asset Management, added: “We are honored to partner with PIF on this landmark private equity fund. Saudi Arabia is core to the region’s economic transformation, and we look forward to contributing to its growth by investing at scale in market-leading companies that will benefit from our deep operating capabilities.”
The MoU is subject to regulatory and internal approvals and the fulfilment of specified conditions.
