Global infrastructure investment manager I Squared Capital has signed a non-binding memorandum of understanding (MoU) with the Public Investment Fund (PIF) to launch a dedicated infrastructure investment strategy focused on the Middle East.
The partnership aims to channel capital into key infrastructure sectors across the region, promote foreign direct investment into Saudi Arabia, and reinforce the country’s position as a global hub for innovation and capital. The new strategy will build regional and international connectivity, leveraging I Squared Capital’s global platform and expertise in infrastructure development.
This MoU aligns with PIF’s broader vision to advance Saudi Arabia’s economic transformation and strengthen its capital market ecosystem. It also complements existing initiatives to position the Kingdom as a centre for international asset management and investment.
As part of the agreement, the strategy will focus on areas such as energy transition, digital infrastructure, transport, and capital markets development. The collaboration is designed to deliver operational transparency, greater control over infrastructure projects, and new opportunities for global private capital to invest in Saudi Arabia’s growing infrastructure landscape.
I Squared Capital plans to open a regional office in Riyadh in 2025 to support this initiative. The office will act as a base for regional operations and will play a key role in advancing the firm’s investment activities across the Middle East.
“We are proud to partner with PIF, one of the most respected and visionary sovereign wealth funds in the world,” said Sadek Wahba, Chairman and Managing Partner of I Squared Capital. “The MoU marks the continuation of a successful partnership between I Squared and PIF and is an important milestone in our commitment to the region and reinforces our belief in the Kingdom’s long-term potential as a destination for infrastructure investment and innovation.”
The MoU remains non-binding and is subject to regulatory and internal approvals, among other agreed milestones.