Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) signed a non-binding memorandum of understanding (MoU) with Neuberger Berman, a global investment manager, to boost the growth of capital markets in Saudi Arabia and the Middle East.

Under this agreement, both parties will work together to support up to $6 billion in investments in the Kingdom and launch a Riyadh-based multi-asset investment management platform, a recent statement unveiled.

The agreement aims to enable the flow of international investment into Saudi Arabia and launch a domestic investment platform managing strategies in equities, fixed income, and private markets.

Commenting on the agreement, George Walker, Chief Executive Officer of Neuberger Berman, said: “Through our global multi-asset investment platform and our local business expansion, we look forward to contributing to the domestic economy, building local teams, promoting education and training, and aligning our global expertise with the unique needs of the region as laid out by Vision 2030.”

This MoU complements a series of PIF initiatives to promote further growth in the Saudi capital market ecosystem and enable a more robust international investment management sector based in the Kingdom.

The agreement is subject to satisfying certain required conditions, including obtaining all necessary regulatory and internal approvals, among other milestones.