BlackRock Inc signed a pact with Saudi Arabia’s $620 billion wealth fund to explore infrastructure projects in the Middle East.
(Bloomberg) —
BlackRock Inc signed a pact with Saudi Arabia’s $620 billion wealth fund to explore infrastructure projects in the Middle East.
Projects will be sourced across sectors including energy, power, utilities, water, environment, transportation and telecommunications, according to a statement. In its first project, the partnership will work with Saudi Investment Recycling Co. to develop and operate waste management projects in the region.
The U.S. asset manager said it plans to build a dedicated infrastructure investment team to cover the Middle East. BlackRock Alternatives will also establish a Middle East infrastructure strategy.
Read more: BlackRock Gets New Saudi Mandate for Infrastructure Fund
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