Al Hassana Investment Company and EIG have entered into a memorandum of understanding to work together on infrastructure and energy transition initiatives in the Middle East.
EIG has established a $1 billion regionally focused fund, with Al Hassana exploring the possibility of becoming a lead investor with a potential commitment of up to $250 million.
The memorandum of understanding was signed by Hassana CEO Saad bin Abdul Mohsen Al-Fadhli and EIG Chairman and CEO Blair Thomas.
This agreement underscores the joint commitment of EIG and Hassnah to grow their investment portfolios in infrastructure and energy transition at the local and regional levels.
Al-Fadhli said: “Hasna Company is pleased to expand our partnership with Emirates International Investment Group. This agreement reflects our shared commitment to supporting the growth of infrastructure investments and facilitating the energy transition in Saudi Arabia and the rest of the region.
The cooperation aims to attract international investors and raise foreign direct investment, thus enhancing the goals of Saudi Arabia’s Vision 2030 and promoting the regional shift towards sustainable energy solutions.
Thomas said: “We have had the pleasure of partnering with Hassana on the Pearl Pipeline Project in Saudi Arabia, and now we look forward to taking our relationship to the next level.
“We believe that the energy transition is one of the defining investment themes of the next several decades, and leading investors need to work together in an effort to provide the reliable, affordable and sustainable energy system that society needs. We are committed to doing just that.”
Last month, EIG launched Fidra Energy, a… Platform based in Edinburgh, UK, has focused on battery energy storage (BESS).
Fidra Energy is pursuing three major BESS projects in the UK, aiming to create a 10GW platform by 2030 across the UK and Europe.
“Hasna and EIG sign a memorandum of understanding for energy transition projects in the Middle East” was originally written and published by Energy monitorwhich is a trademark of GlobalData.
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