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National Infrastructure Fund and Macquarie sign deal

12 February 2024

Saudi Arabia’s National Infrastructure Fund (Infra) and the US-headquartered Macquarie Asset Management have signed a memorandum of understanding (MoU) to increase institutional and foreign direct investments in Saudi Arabia.

This development follows the recent approval of the kingdom’s National Infrastructure Fund Law and the appointment of  Saudi Minister of Economy and Planning Faisal Al Ibrahim as the new chairman of the National Infrastructure Fund.

Infra is expected to play a key role in reinforcing the objectives of Vision 2030, including increasing the private sector’s contribution to GDP to 65%.

The collaboration between Infra and Macquarie will focus on investment opportunities and expanding Infra’s current “innovative financing offering”.

Infra said: “The partnership will have a specific focus on advancing the kingdom’s ambitious energy transition objectives.”

Infra CEO Esmail Alsallom and Macquarie Asset Management Global Head of Green Investments Marl Dooley signed the MoU in Riyadh. National Development Fund (NDF) governor Stephen Groff witnessed the signing.

Earlier this month, Al Ibrahim noted Infra’s strategy to chart “a clear path toward crowding in higher levels of private sector financing for infrastructure, through deploying a broad and flexible offering and supporting the kingdom to become a key global investment destination for this important asset class”.

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Jennifer Aguinaldo

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