Investment companies to collaborate on energy transition projects in the Middle East

Saudi Arabia-based Hassana Investment Company and US-based EIG have signed a memorandum of understanding (MoU) to collaborate on infrastructure and energy transformation projects in the Middle East through EIG’s targeted $1 billion dedicated regional fund, with Hassana considering becoming an anchor investor with a grant of up to $250 million.

According to EIG, the memorandum of understanding underlines the joint commitment of the two parties to expand their local and regional investment portfolios for infrastructure and energy transition.

Furthermore, the partnership aims to support Saudi Arabia’s Vision 2030 goals and the broader regional shift towards cleaner, sustainable energy solutions, EiG said.

Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, commented: “This agreement reflects our shared commitment to supporting the growth of infrastructure investment and facilitating 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 working 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 that energy transition is one of the crucial investment themes in the next decades, and leading investors must work together in an effort to deliver the reliable, affordable and sustainable energy system that society demands. We are committed to doing just that.”

Abdulaziz Al-Gudaimi, Chairman of EIG’s MENA Operations, noted: “By using capital for innovative energy transition projects, we strive to build a sustainable future, boost the economy and strengthen 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.