Infrastructure

Oman’s Rakiza receives capital commitment of $298mn from Saudi’s PIF

The fund focuses on investing in renewables, power and water, social infrastructure projects, telecoms, transport and logistics sectors

Rakiza, the Omani private equity infrastructure fund investing in the Sultanate and Saudi Arabia, has received a capital commitment of $298mn from the Saudi Public Investment Fund (PIF). Co-managed by Oman Infrastructure Investment Management (OIM) and Equitix, Rakiza invests in infrastructure projects to generate stable returns, through a combination of exit-driven capital gains, and real income from assets.

The fund primarily focuses on investing in sectors such as renewables, power and water, social infrastructure, telecommunications, transport, and logistics.

In March 2022, Saudi-based Dar Al Arkan and Omran unveiled a $1.5bn mixed use project in Muscat.

“Rakiza’s investment strategy is to foster capital market growth, foreign direct investment, and privatization. As part of this, the Rakiza Fund is proud to partner with PIF, which greatly enhances strategic value for all stakeholders,” said Muneer Ali Al Muneeri, CEO of OIM.

Hugh Crossley, Equitix Co-Founder and CEO added that the partnership will contribute to the fund’s commitment to its vision as it continues to invest and develop in essential infrastructure projects.

Saudi Arabia’s PIF is considered to be one of the largest and most impactful sovereign wealth funds in the world and a major driving factor of economic transformation for Saudi Arabia.

In May, the Al Taher Group said that the upgrade of Oman Avenues Mall is on schedule, while in June, Oman’s Khimji Ramdas Group said it was supporting the construction of a new vocational centre for AEIC.

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