Saudi wealth fund PIF commits up to $160m in new Gulf infrastructure fund from Investcorp

Dubai: The Saudi wealth fund PIF will take an up to 20 per cent - around $160 million - exposure in a new regional infrastructure fund from Bahrain’s Investcorp and Aberdeen Standard Investments. In addition, the fund - Aberdeen Standard Investcorp Infrastructure Partners - has also received approval from Asian Infrastructure Investment Bank for $90 million.

The investment by PIF (Public Investment Fund) is in line with its “mission of building strategic economic partnerships, unlocking promising economic opportunities, and deploying patient capital to support sectors with significant long-term growth potential”. PIF in the recent past has spoken about giving due importance to investment possibilities with Saudi Arabia and the greater Gulf markets.

The new infrastructure fund aims to participate in projects within the Gulf as well as the wider region, with emphasis on those being built as per environmental and social governance (ESG) principles and the UN’s Sustainable Developments Goals.

Hazem Ben-Gacem, Co-CEO of Investcorp, said, “Today’s uncertain and challenging economic environment has created a gap between the need to develop or upgrade critical infrastructure and the resources available for such projects.”

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