PIF Signs MoU with Macquarie for Mega Infrastructure Push

Saudi Arabia's Public Investment Fund (PIF) has entered into a memorandum of understanding with Australia's Macquarie Asset Management to cooperatively develop investments in infrastructure and energy transition industries.

The partnership will concentrate on important areas including digital infrastructure, electric vehicle (EV) infrastructure, and energy storage. Under the deal, Macquarie will also set up a regional office in Riyadh, which will enhance the efforts of PIF to attract international capital and expertise as per Saudi Arabia's Vision 2030 framework.

PIF, with almost USD 925 billion in managed assets, continues to enhance its international partnerships to diversify the economy of the Kingdom and build next-generation infrastructure. Macquarie, a global leader in infrastructure asset management, manages over  USD 600 billion of client assets across about 175 portfolio companies globally.

Key Highlights:

• Saudi Arabia’s Public Investment Fund (PIF) and Australia’s Macquarie Asset Management have signed a memorandum of understanding to jointly invest in infrastructure and energy transition sectors
• This collaboration will target digital infrastructure, EV infrastructure, and energy storage, with Macquarie set to establish a regional headquarters in Riyadh
• The move supports Saudi Arabia’s Vision 2030 by attracting global expertise, fostering economic diversification, and advancing sustainable infrastructure development

Yazeed A. Al-Humied, PIF Deputy Governor and Head of MENA Investments, stated the MoU is "A milestone in bringing global capital and expertise to drive the country's infrastructure pipeline at accelerated speed."

Macquarie's arrival in Saudi Arabia is anticipated to help drive the country's localization, especially through the regional headquarters requirement, which calls upon foreign companies to create local hubs to be eligible for government tenders.

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In spite of recording a 60 percent year-over-year fall in profit to SAR 26 billion (USD 7 billion) in 2024, assets under management at PIF rose by 18 percent to SAR 4.32 trillion, reflecting its sustained growth and long-term investment approach.

The tie-up puts both institutions in a position to drive the construction of key infrastructure in sync with sustainability and energy transition objectives.