Hassana, EIG Partner for Energy Transition in Middle East
The companies will focus on energy transition projects in the Middle East.
Support Saudi Arabia's Vision 2030.
Hassana Investment Company, an investment manager based in Riyadh, Saudi Arabia, has partnered with EIG, a leading institutional investor in the global energy and infrastructure sectors, to work on energy transition projects in the Middle East.
To this end, they have signed a memorandum of understanding (MoU) to focus on energy and infrastructure improvements. EIG will invest $1 billion in the region, while Hassana will contribute up to $250 million as a leading investor in this fund.
Their goal is to increase investments in local energy and infrastructure projects, attract more international investors, and support Saudi Arabia's Vision 2030 for cleaner and more sustainable energy.
Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, said: "Hassana is pleased to expand our partnership with EIG, a leader in the global energy and infrastructure sectors. This agreement reflects our shared commitment to support the growth of infrastructure investments and the facilitation of the energy transition in the Kingdom of Saudi Arabia and the rest of the region.”
R. Blair Thomas, Chairman and CEO of EIG, said: "We had the pleasure of partnering with Hassana on the Pearl Pipelines project in the Kingdom of Saudi Arabia, and now we look forward to taking our relationship to the next level.
“We believe energy transition is one of the defining investment themes of the next several decades, and leading investors need to work together in an effort to deliver the reliable, affordable, and sustainable energy system that society requires. We are committed to doing exactly that.”
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Source: EIG
