Saudi “Public Investments” increases its assets by 30 billion dollars

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Saudi “Public Investments” increases its assets by 30 billion dollars

Potential capital participation in an international infrastructure pool of 20%


Friday – 1 Dhu al-Qi’dah 1442 AH – 11 June 2021 AD Issue No. [
15536]


The Saudi Public Investment Fund continues to develop its assets to achieve its goals (Asharq Al-Awsat)

Manama – Riyadh: «Middle East»

Statistical data released yesterday revealed that the Public Investment Fund (the investment arm of the Saudi government) recorded an increase in the value of its assets, to be ranked seventh among the largest sovereign wealth funds in the world, according to the latest classification of the “SWF Institute”.
The Institute, an institution specialized in studying the investments of governments and sovereign funds, disclosed that the fund’s assets increased by $30.55 billion, to reach $430 billion for the month of June, compared to $399.45 billion in May.
It is known that Saudi Arabia has confirmed, as part of its strategic plans for the Fund during the next five years, the goal of doubling the size of the assets of “public investment”, to exceed 4 trillion riyals ($1.06 trillion) in 2025, and reach 10 trillion riyals ($2.6 trillion) in 2030.
In the ranking list, the “Norwegian Government Pension Fund” ranked first as the largest sovereign fund in the world, with assets amounting to 1289.46 billion dollars, followed by “China Investment Company” in second place with assets of 1045.72 billion dollars, followed by the “Abu Dhabi Investment Authority” with a value of assets It amounted to 649.2 billion dollars.
On the other hand, “Investcorp Alternative Investments” announced that “the joint fund of Aberdeen Standard and Investcorp companies” in the infrastructure sector, has received capital pledges from the Saudi Public Investment Fund as a major investor, amounting to 20 percent of the joint fund size before the expected first closing .
And Investcorp, which is based in the Bahraini capital, Manama, added that the joint fund also received the approval of the Board of Directors of the Asian Infrastructure Investment Bank, to contribute $90 million, and other international investors are expected to join, including pension funds, insurance companies and family offices. and private clients, among others.
The Aberdeen Standard and Investcorp Mutual Fund seeks to participate in the transformation and economic recovery of Saudi Arabia, the rest of the Gulf Cooperation Council, and the Middle East and North Africa region, by investing in sustainable infrastructure projects.
According to the information issued by the Alternative Investments Company, with commitment to the principles of environmental and social governance and the sustainable development goals of the United Nations at the core of its philosophy, the mission of the partnership “Aberdeen Standard” and “Investcorp” is to provide solutions in the areas of health care, education, water, transportation and digital infrastructure, which will be It has a positive impact on societies and future generations.
The Public Investment Fund is the main driver for supporting the economic transformation efforts in Saudi Arabia, within the objectives of Vision 2030. Investcorp explained that the investment is in line with the fund’s objectives in building strategic economic partnerships, unlocking promising opportunities in the Kingdom, and investing patient capital to support sectors that have high potential for long-term growth.
Hazem Bin Qasim, Co-CEO of Investcorp, said: “The current turbulent and challenging economic environment has created a gap between the need to develop or upgrade critical infrastructure and the resources available for projects like this. We believe that investment in infrastructure is critical to supporting long-term economic growth, and we are proud to partner with the Public Investment Fund to leverage our global resources and expertise to drive sustainable value for all of our stakeholders.”
For his part, Sami Al-Nafati, managing partner of the Aberdeen Standard and Investcorp joint fund, said: “The Public Investment Fund is one of the largest sovereign wealth funds in the world, and it is the main driver to support the Kingdom’s economic transformation efforts within (Vision 2030). We are happy to partner with him. We have identified significant investment opportunities in the infrastructure sector in the Kingdom and the region. We rely on our unrivaled network of global relationships and expertise to foster foreign, regional and local investment in sustainable infrastructure that preserves the environment and serves communities and future generations.”


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