In a major move to drive sustainable development in the Middle East, Saudi Arabia’s Hassana Investment Company and U.S.-based EIG have signed a memorandum of understanding (MoU) to establish a $1 billion regional fund. The collaboration is part of an ambitious strategy to advance energy transition and infrastructure projects that align with Saudi Arabia’s Vision 2030, aiming to diversify energy sources and promote a more sustainable future across the region.

Hassana, with a potential anchor investment of up to $250 million, will play a pivotal role in the fund, furthering its commitment to green energy and economic growth. The partnership reflects a shared dedication to fostering a cleaner energy ecosystem, from renewable energy investments to green infrastructure, benefitting both local and regional economies.

Blair Thomas, CEO of EIG, expressed enthusiasm about this latest step, highlighting past successful collaborations like the Pearl Pipelines project in Saudi Arabia. This joint venture seeks to address the growing need for reliable and affordable sustainable energy sources while positioning the region as a leader in energy transition efforts.