Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has committed up to 20% of the total size of ASIIP infrastructure fund, the joint venture between Bahrain-based Investcorp and Aberdeen Standard Investments.
PIF’s investment comes in advance of the ASIIP’s anticipated first closing, according to a press release on Thursday.
The Asian Infrastructure Investment Bank (AIIB) is also committing $90 million to the fund, which is expected to be joined by other global institutional investors like pension funds, insurance companies, endowments, family offices, and private clients.
ASIIP aims to play a key role in the economic transformation across the Gulf and the wider Middle East and North Africa (MENA) region by investing in sustainable core infrastructure projects.
The fund operates in compliant with Environmental and Social Governance (ESG) and United Nations Sustainable Developments Goals (UN SDG) to deliver solutions in healthcare, education, water, mobility, and digital infrastructure.
“ASIIP identified significant opportunities in Saudi Arabia and the region,” Managing Partner of Aberdeen Standard Investcorp Infrastructure Partners, Sami Neffati, commented.