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Saudi Arabia’s Public Investment Fund (PIF) is anchoring a $2 billion Brookfield fund, 50% of which will be allocated within the kingdom, following an agreement signed at the Future Investment Initiative summit being held in Riyadh this week.
Brookfield Middle East Partners (BMEP) will be anchored by the Saudi sovereign wealth fund and serve as Brookfield’s new private equity vehicle for investments in businesses based in Saudi Arabia and the wider region.
The fund will target buyouts, structured solutions and other investments across industrials, business and consumer services, technology, and healthcare.
It aims to further local private equity investment opportunities, foster economic development in the kingdom, and advance its position as a hub for global investment and economic growth, a statement said.
Brookfield will also expand its office in Riyadh and make its interactive learning system Brookfield Academy available locally.
NYSE-listed Brookfield Asset Management Ltd has been a direct investor in the kingdom since 2015 and has $1 trillion in managed assets globally.
It already has a substantial presence in Dubai, at DIFC’s ICD Brookfield Place, as well as in Canada, the USA, the UK, Brazil, India, and China.
PIF announced on Tuesday that it is reducing its percentage of international investments, adding that the dollar amount will stay the same as assets under management continue to grow.
(Writing by Imogen Lillywhite; editing by Bindu Rai)
