Hassana Investment is planning to commit up to $250m (€230m) to a new EIG Middle East infrastructure and energy transition projects investment fund.
The investment manager of the Kingdom of Saudi Arabia’s General Organization for Social Insurance is planning to commit the capital as an anchor investor to EIG’s regional fund which seeks to raise $1bn.
Hassana and EIG said they have signed a memorandum of understanding to collaborate on infrastructure and energy transition projects in the Middle East through the EIG strategy.
Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, said: “Hassana is pleased to expand our partnership with EIG, a leader in the global energy and infrastructure sectors.
“This agreement reflects our shared commitment to support the growth of infrastructure investments and the facilitation of the energy transition in the Kingdom of Saudi Arabia and the rest of the region.”
R Blair Thomas, chairman and CEO of EIG, said: “We had the pleasure of partnering with Hassana on the Pearl Pipelines project in the Kingdom of Saudi Arabia and now we look forward to taking our relationship to the next level.
“We believe energy transition is one of the defining investment themes of the next several decades and leading investors need to work together in an effort to deliver the reliable, affordable and sustainable energy system that society requires. We are committed to doing exactly that.”
Abdulaziz Al-Gudaimi, chairman of EIG’s MENA operations, said: “Hassana and EIG continue to make a difference in the energy scene of the Middle East.
“By deploying capital into innovative energy transition projects, we are endeavouring to build a sustainable future, boost the economy and reinforce the region’s commitment to clean energy solutions for many years to come.”
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