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

According to EIG, the MoU underlines the two parties' shared commitment to expanding their local and regional infrastructure and energy transition investment portfolios.

Additionally, 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 are now looking forward to taking our relationship to the next level. We believe the energy transition is one of the defining investment themes of the next decades and leading investors must work together to deliver the reliable, affordable and sustainable energy system society needs. We are committed to doing just that.”

Abdulaziz Al-Gudaimi, Chairman of EIG's MENA Operations, noted: “By deploying capital into innovative energy transition projects, we strive to build a sustainable future, stimulate the economy and strengthen the region’s commitment to clean energy solutions for years to come.”

To read more about energy transition projects in the Middle East, click here.