Private equity infrastructure fund co-managed by Oman Infrastructure Investment Management (OIM) and Equitix, receives capital commitment from Saudi sovereign wealth fund.
Rakiza, a private equity infrastructure fund investing in Oman and Saudi Arabian infrastructure has received a capital commitment of $300m Saudi Arabia’s Public Investment Fund (PIF). The finance will support its growth in the renewables, power, water, telecoms and transport sectors.
PIF is one of the largest sovereign wealth funds in the world and is a key player in the transformation of Saudi Arabia’s economy. It deploys capital to support strategic sectors with significant long-term growth potential that will help to diversify Saudi Arabia’s economy in line with Vision 2030.
Muneer Al Muneeri, OIM CEO, said: “We are very pleased to be announcing our partnership with PIF, one of the largest sovereign wealth funds in the world. The Sultanate of Oman and Kingdom of Saudi Arabia share public policy support for privatisation, and is key to Rakiza’s investment strategy to foster capital market growth, foreign direct investment, and privatization. As part of this, the Rakiza Fund is proud to partner with PIF, which greatly enhances strategic value for all our stakeholders”.
Hugh Crossley, co-founder and CEO of Equitix – the London-based $10bn infrastructure investment firm – added: “We are delighted to have secured PIF’s commitment and to continue our partnership with large institutional investors, delivering on our broader commitments to the team and their vision, as we continue to invest and develop in essential infrastructure projects. This is an exciting development in Rakiza’s history and we look forward to continuing our growth within the region”.
