PIF, Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC 

Officials are seen at the signing agreement on Monday. (SPA)
Officials are seen at the signing agreement on Monday. (SPA)
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PIF, Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC 

Officials are seen at the signing agreement on Monday. (SPA)
Officials are seen at the signing agreement on Monday. (SPA)

Saudi Arabia's Public Investment Fund (PIF) and Goldman Sachs Asset Management announced on Monday the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region.

The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia.

The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Asset management is part of PIF's wider efforts to diversify the Saudi economy and enhance local capital markets.

Deputy Governor and Head of MENA Investments at PIF Yazeed A. Al-Humied said: “PIF's collaboration with Goldman Sachs Asset Management demonstrates our continued efforts to build new partnerships with a diverse range of leading international financial institutions, enhancing local markets.”

“MoU is another element in PIF's strategy of attracting global capital and expertise from a wide range of investors to the region while facilitating knowledge transfer and capacity-building within Saudi Arabia,” he stressed.

Global Head of Asset and Wealth Management at Goldman Sachs Marc Nachmann said: “We are proud to partner with PIF to develop these investment strategies, which we believe can offer strong risk-adjusted returns to our clients.”

“Drawing on our decades of experience investing in public and private markets, our aim is to help clients access the dynamic opportunities created by Saudi Arabia and the wider GCC's rapid economic transformation. We are excited to see this partnership expand and to continue building our presence in Saudi Arabia,” he added.

Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

The partnership will facilitate knowledge-sharing to spur growth of the Saudi asset management sector. By leveraging PIF's institutional strength and Goldman Sachs Asset Management's experience investing across public and private markets, it will contribute toward PIF's goal of positioning Saudi Arabia as a hub for global investment.

Goldman Sachs has been growing its presence in Saudi Arabia over recent years, having recently announced the opening of a new office in Riyadh. The company will explore expanding its local footprint as part of the partnership.

Monday's non-binding MoU remains subject to the satisfaction of certain required conditions including obtaining all necessary regulatory and internal approvals, among other milestones.



China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
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China Vows Tougher Action against Smuggling of Strategic Minerals

A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)
A woman holds an umbrella to shelter from the sun walks along a street in Beijing, China, Thursday, July 17, 2025. (AP Photo/Mahesh Kumar A.)

China vowed on Saturday to step up a crackdown and toughen law enforcement against smuggling of strategic minerals seen as vital to national security and critical for development.

The remarks by the commerce ministry came a day after the state security ministry accused foreign spy agencies of having tried to "steal" rare earths and pledged to crack down on infiltration and espionage targeting the critical sector.

The world's largest supplier of dozens of strategic minerals, China began imposing export curbs in 2023 on supplies vital to sectors ranging from chipmaking and the energy transition to defense.

The commerce ministry remarks, describing smuggling and export of strategic minerals as a severe problem to be combated, came at a meeting of officials responsible for export control coordination and other government bodies.

"Cases of smuggling by a small number of criminals for their own selfish interests and collusion between domestic and foreign parties are still occurring," it said in a statement.

Evasive methods such as false declarations and third-country transshipment were taking on increasingly covert forms, it added, urging government bodies to prevent illegal outflows of strategic minerals and related technologies.

China has adopted a "zero-tolerance" approach to smuggling and export of strategic minerals, which it will fight with a heavy hand, through special efforts to toughen law enforcement, the ministry said.

In May China said it would strengthen controls on the entire supply chains of strategic mineral exports while tightening its grip on materials deemed crucial to national interest.

Earlier, Beijing launched a special campaign to tackle smuggling of strategic minerals such as gallium, germanium, antimony, tungsten and some rare earths.