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Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia's Public Investment Fund (PIF) will be an anchor investor in Brookfield Asset Management's new $2 billion Middle East-focused private fund, the companies announced on Wednesday.

A non-binding agreement for the PIF to back the new Middle East fund was signed with the Canadian asset management firm at the Kingdom's flagship investment summit taking place in Riyadh.

At least half of the capital is to be invested in Saudi Arabia and in international companies that are looking to expand in the Kingdom, the companies said in a joint statement.

The investment platform, known as Brookfield Middle East Partners (BMEP), will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, among other investment opportunities in the region.

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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco

Saudi Aramco and Riyadh Air, the Kingdom's new premium international airline, have signed a Memorandum of Understanding (MoU) during the FII 8th Edition in Riyadh.

The MoU sets the stage for potential collaboration in areas such as low-carbon fuel supply and sustainability.

“We are delighted by the prospect of exploring a wide variety of opportunities for collaboration between Aramco and Riyadh Air,” said Aramco Executive Vice President of Products & Customers Yasser M. Mufti.

“Both companies have expressed a desire to adopt latest technologies, elevate experiences and contribute to sustainability objectives. Aramco’s work to develop lower-carbon fuels, its strong focus on digitalization, and its aviation experience, among other things, provide a strong platform for potential cooperation with Riyadh Air,” he added.

As for Riyadh Air Chief Financial officer Adam Boukadida, he said that the partnership “aligns perfectly with our ambition to become a leading global airline committed to sustainability and low-carbon fuels.”

“By leveraging Aramco’s expertise, we aim to improve our operational capabilities and provide outstanding experiences for our guests. Together, we can play a significant role in advancing the Kingdom’s environmental and economic objectives.”