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22-03-23
Rakiza Raises USD1 Billion to Invest in Infrastructure Projects in Oman, Saudi Arabia
(MENAFN) Rakiza, a fund backed by the Public Investment Fund, has raised USD1 billion to invest in infrastructure projects in Oman and the Kingdom of Saudi Arabia. The fund has already invested 25 percent of its acquired capital in Oman, taking a 30 percent stake in telecom firm Omantel's passive tower assets, a majority stake in Khazaen Fruit and Vegetable Central Market, and an estimated 31 percent stake in the Oman International Container Terminal in the Port of Sohar. The fund aims to drive stable returns by investing in sectors like renewables, power, water, telecommunications, and logistics, in addition to infrastructure projects.
Rakiza is co-managed by Oman Infrastructure Investment Management and London-based infrastructure equity manager Equitix. The fund aims to invest in infrastructure projects in Oman and Saudi Arabia to deliver on the fund's return objectives. The company is also close to sealing investment deals in Saudi Arabia and securing its first acquisition in the Kingdom.
Last year, Saudi Arabia's PIF committed USD300 million to Rakiza, while the Asia Infrastructure Investment Bank invested USD50 million in the infrastructure fund. Hugh Crossley, Equitix co-founder and CEO, stated, "The Gulf Cooperation Council is an attractive home for smart capital and an exciting investment destination for those with local access." Rakiza founder and OIM CEO, Muneer Al-Muneeri, added, "Our target of raising over USD1 billion is an important milestone, on which Rakiza hopes to build with similar future initiatives."
Bilateral relations between Saudi Arabia and Oman have been positively impacted in recent times, with agreements being reached by both countries. In fact, last month, Saudi Arabia and Oman signed 13 investment memoranda of understanding between the public and private sectors covering various industries.
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