Published 10 Jun,2021 via Bloomberg Markets - Saudi Arabia’s sovereign wealth fund has agreed to commit up to a fifth of a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp.
The Aberdeen Standard Investcorp Infrastructure Partners fund has received the pledge from the PIF along with another $90 million commitment from the Asian Infrastructure Investment Bank, according to a statement Thursday. The rest of the funding is expected to come from investors including pension funds, insurance companies, endowments, family offices and private clients, it said.
Aberdeen and Investcorp announced the fund two years ago with a view to channel investment into the Middle East’s health care, education and utilities industries. Former U.K.
Defense Secretary Michael Fallon was appointed chairman of the fund last month.
The PIF is becoming increasingly important as a source of capital for fund managers in the Middle East as it embarks on a plan to support the Saudi economy’s