Economy - Chairman of 'Urban Sciences': Entry of the Investment Fund into Sovereign Projects Serving Cities Reflects Advanced Awareness

Brief Summary

Chairman of the Saudi Society for Urban Sciences, Dr. Ghazi Al-Abbasi, praised the entry of the Public Investment Fund into sovereign projects serving cities.

The Public Investment Fund and I Squared Capital signed a memorandum of understanding for an investment of up to $2 billion.

The investments focus on real estate and basic infrastructure owned by the Fund and its portfolio companies.

The supported projects are not entirely profitable but aim to support cities and achieve long-term profitable returns.

Chairman of the Board of Directors of the Saudi Society for Urban Sciences, Dr. Ghazi Al-Abbasi, valued the entry of the Public Investment Fund into sovereign projects.

Al-Abbasi added, in an intervention on Al-Akhbariya Channel, that the Fund's entry into sovereign projects serving cities reflects an advanced investment awareness and confirms its sovereign role in supporting the economy through projects with long-term developmental impact.

He continued that this is a qualitative shift in supporting special government projects, which are not 100% profitable but support cities while also yielding a profitable return, as the Fund supports indirect projects.

The Public Investment Fund and I Squared Capital had signed a memorandum of understanding regarding I Squared's investment in the Fund's companies worth up to $2 billion, according to which I Squared is exploring investment opportunities in real estate and basic infrastructure owned by the Fund and its portfolio companies.

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