The State Oil Fund of Azerbaijan (SOFAZ) has signed a Memorandum of Understanding with Saudi Arabia's Hassana Investment Company to explore investment opportunities in Saudi Arabia, Report informs.
According to SOFAZ, the document will contribute to the development of strategic cooperation between the two institutions by enabling the exploration of joint investment opportunities.
SOFAZ Executive Director Israfil Mammadov and Hassana Investment Company CEO Saad bin Abdulmohsen Al-Fadly signed the MoU.
Mammadov stated: "This Memorandum of Understanding is not just an agreement between two financial institutions, but also the beginning of a partnership aimed at common goals for strategic investments and sustainable development. This cooperation marks a significant stage in SOFAZ's investment strategy in Saudi Arabia, which is going through a significant period of development and transformation within the framework of Vision 2030 strategic goals. We are ready to work together with Hassana to identify and develop projects of mutual interest."
Saad bin Abdulmohsen Al-Fadly emphasized the great importance of this partnership for Hassana Investment Company: "Through this memorandum, which will help both parties benefit from new opportunities in Saudi Arabia's investment sector, our cooperation aims to create long-term value by focusing on private equity, real estate, and infrastructure sectors."
Hassana Investment Company operates as the investment manager of the General Organization for Social Insurance (GOSI). Managing assets worth 1.2 trillion Saudi riyals ($320 billion) and one of the world's largest pension funds, Hassana has a diversified portfolio of local, regional, and global investments, making long-term investments within its sustainability-based strategy to meet the future pension needs of all Saudi generations.