Riyadh – Mubasher: US private equity firm Blackstone and Saudi Arabia's main sovereign wealth fund are planning to create a $40 billion mechanism for the investment in the infrastructure projects, Reuters reported on Saturday.

The two parties signed a non-binding memorandum of understanding (MoU) for the project and it will depend on further negotiations.

The US firm said that it is expecting that the vehicle would raise $40 billion of equity commitments, with a $20 billion anchor investment from the Public Investment Fund (PIF), while the rest will be raised from other investors, the agency stated.