Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest $299 million in Oman’s infrastructure investment fund Rakiza, managed by Oman Infrastructure Investment Management Company (OIM) and London-based investment firm Equitix.
Rakiza is a private equity fund and an infrastructure investor with offices in Oman and Saudi Arabia, founded by the Oman Investment Authority (OIA) and Equitix. The fund focuses on renewable energy, electricity, water, social services infrastructure, telecommunications, and transportation and logistics sectors.
Rakiza invests in infrastructure projects to generate stable returns, through a combination of exit-driven capital gains, and real income from assets.
Mr. Muneer bin Ali Al Muneeri, CEO of OIM, said that this partnership with PIF comes within the framework of sharing the national visions of Oman and Saudi Arabia with regard to supporting the privatization of facilities and infrastructure. Mr. Al Muneeri also added that the partnership will enhance and maximize the strategic value of stakeholders and related parties.
Mr. Hugh Crossley, CEO and co-founder of Equitix, commented that the partnership with the world’s most prominent investment institution contributes to achieving Rakiza Fund’s commitments to develop infrastructure projects. “It is a great addition and development in Rakiza Fund’s history, looking forward to further growth in the region,” Mr. Crossley added.
PIF is one of the most important and influential sovereign wealth funds in the world and the main driver for supporting the economic transformation efforts of Saudi Arabia. The Fund has been expanding its portfolio of investment in promising sectors like gaming and esports, energy, aviation and more.