Hassana Investment Company and State Oil Fund of the Republic of Azerbaijan Sign MoU to Facilitate Investment Opportunities in the Kingdom of Saudi Arabia
Date
10/30/2024 5:22:16 AM
(MENAFN- Edelman) Riyadh, Saudi Arabia – 29 October 2024 – Hassana investment Company has entered into a Memorandum of Understanding (MoU) with the State Oil Fund of the Republic of Azerbaijan (SOFAZ) to explore collaborative investment opportunities within the Kingdom of Saudi Arabia.
This MoU sets the groundwork for strategic cooperation between the two entities, allowing them to investigate options for co-investment and asset transfers in areas such as private equity, infrastructure, and real estate. The agreement facilitates ongoing discussions aimed at enhancing their partnership and identifying projects that align with their respective investment goals.
The MoU was signed by Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Mr. Israfil Mammadov, CEO of SOFAZ.
Mr. Al-Fadly highlighted the importance of the partnership with SOFAZ, stating that “the MoU will enable both parties to take advantage of emerging opportunities in the Kingdom’s investment sector. This collaboration focuses on key areas such as private equity, real estate, and infrastructure, with a strong commitment to generating long-term value and achieving outstanding investment results.”
Mr. Mammadov commented, “This collaboration marks a significant milestone for SOFAZ’s investment strategy in Saudi Arabia, opening new avenues for growth and partnership. We look forward to working with Hassana to identify projects of mutual interest and benefit.”
SOFAZ, Azerbaijan’s sovereign wealth fund, is focused on expanding its international investment portfolio, including opportunities in Saudi Arabia. The Kingdom’s dynamic economic reforms, ambitious Saudi Vision 2030 initiatives, and growing infrastructure development have made it a premier destination for foreign direct investment, attracting global interest across diverse sectors.
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