BlackRock signed a pact with Saudi Arabia's $620 billion wealth fund to explore infrastructure projects in the Middle East.
Projects will be sourced across sectors including energy, power, utilities, water, environment, transportation and telecommunications, according to a statement. In its first project, the partnership will work with Saudi Investment Recycling Co. to develop and operate waste management projects in the region.
The U.S. asset manager said it plans to build a dedicated infrastructure investment team to cover the Middle East. BlackRock Alternatives will also establish a Middle East infrastructure strategy.
Separately, Hassana Investment Co., controlled by the Saudi government's pension fund, said it signed a memorandum of understanding with BlackRock to promote and develop the infrastructure investment strategy.
