Saudi Arabia’s Public Investment Fund (PIF) and US investment giant BlackRock signed a Memorandum of Understanding on Monday to consolidate the company’s infrastructure strategy in the region and explore investment opportunities in the Kingdom.

The new agreement aims to focus on investing in a number of sectors, including energy, utilities, water, environment, transport, telecoms, and social infrastructure, according to a statement by the Saudi wealth fund.

Although it aims to expand its investment portfolio across the Middle East region, the bulk of Blackrock’s investments will focus on Saudi Arabia. In support of this initiative, BlackRock will look to build a dedicated infrastructure investment team in the Saudi capital Riyadh.

PIF and BlackRock plan to work together to attract regional and international investors to participate in projects, boost foreign direct investment (FDI) into Saudi Arabia – a goal which is in line with Vision 2030, add value to the Kingdom’s economy and the wider market while facilitating knowledge and skills transfer.

The MoU is also in line with PIF’s “mandate to explore new investment opportunities in the MENA region, while enabling and supporting Saudi private sector participation,” the statement read.

“It further cements PIF’s partnership with BlackRock and allows both parties to explore opportunities in Saudi Arabia and across the Middle East, in line with PIF’s strategy to expand its local and regional investment portfolio,” it added.