Saudi Arabia-based Hassana Investment Company and U.S.-based EIG have signed a memorandum of understanding (MoU) to collaborate on infrastructure and energy transition projects in the Middle East through EIG’s targeted $1 billion dedicated regional fund in which Hassana is considering becoming an anchor investor with an allocation of up to $250 million.
According to EIG, the MoU underscores the two parties’ shared commitment to expand their local and regional infrastructure and energy transition investment portfolios.
Furthermore, the partnership aims to support Saudi Arabia’s Vision 2030 goals and the broader regional shift toward cleaner, sustainable energy solutions, EiG said.
Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, commented: “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.”
Blair Thomas, Chairman and CEO of EIG, stated: “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, noted: “By deploying capital into innovative energy transition projects, we are endeavoring to build a sustainable future, boost the economy, and reinforce the region’s commitment to clean energy solutions for many years to come.”
To read more about energy transition projects in the Middle East, click here .