Details .. “public investments” and “Goldman Sachs” sign a memorandum of understanding

The Public Investment Fund, and a asset management company today announced the signing of an undisputed memorandum of understanding, through which the fund is a fundamental strategic investor in new investment strategies.
It includes private credit and public shares in the Kingdom of Saudi Arabia and countries.

Promote asset management sector

The new investment funds aim with “Goldman Sachs” to attract capital from global investors, with a large part of the capital to invest in the Kingdom.

The Memorandum of Understanding aims to strengthen the asset management sector in the Kingdom and encourage asset managers at the regional and global levels to expand their presence in the local market.
This is within the framework of the efforts of the Public Investment Fund to support efforts to diversify the economy and develop local financial markets.

Build new partnerships

“Cooperation with Goldman Sachs reflects the Fund’s continuous efforts to build new partnerships with a variety of leading global financial institutions to promote local markets,” said Yazid bin Abdul Rahman Al -Hamid, Deputy Governor and Head of the General Administration of Investments in the Middle East and North Africa in the Public Investment Fund.
He added: The Memorandum of Understanding is an additional step in achieving the fund’s vision of attracting a wide variety of global capital and expertise to the region, in addition to transferring knowledge and building capacity in the Kingdom.
“We are proud to partner with the Public Investment Fund for the Development of Investment Strategies, which we are confident in its ability to achieve strong revenues that are compatible with our customers, and by taking advantage of our experiences in investing in public and private markets,” said Mark Nakhman, head of the World Asset and Wealth Department at Goldman Sachs.

Economic transformation in Saudi Arabia

He continued: Our goal is to help customers reach the dynamic opportunities provided by the rapid economic transformation in the Kingdom and the Gulf Cooperation Council countries. We are pleased to see this partnership expanding, while continuing to enhance our presence in the Kingdom. “
According to the Memorandum of Understanding, the private credit strategy will aim to provide direct loans, whether primary or secondary, in addition to debt financing for companies that are based in the Gulf Cooperation Council countries or practicing the largest part of their work in the region.
As for the public stock strategies, it will focus on investing in securities listed for companies listed in the Saudi financial market or those whose business is related to the Kingdom.

Stimulating the growth of the asset management sector

This partnership will enhance the facilitation of exchanging knowledge to stimulate the growth of the asset management sector in the Kingdom, and will support the strategic efforts of the Public Investment Fund to enhance the Kingdom’s position as a pioneering center for global investment.
This is by taking advantage of the capabilities of the General Investment Investment Fund and the experience of Goldman Sachs Asset Management Company in Investing in public and private markets.
Goldman Sachs has expanded her presence in the Kingdom for recent years, as she recently announced the opening of a new office in Riyadh, and is currently working to explore opportunities to enhance her presence, as part of her partnerships with the Public Investment Fund.
The non -binding understanding memorandum is subject to the fulfillment of some necessary conditions, including obtaining all necessary regular and internal approvals, and achieving a set of specific goals.