BAKU, Azerbaijan, October 29. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has signed a Memorandum of Understanding (MoU) with Hassana Investment Company to explore collaborative investment opportunities within the Kingdom of Saudi Arabia, Trend reports via SOFAZ.
This MoU sets the groundwork for strategic cooperation between the two entities, allowing them to investigate options for co-investment and asset transfers in areas such as private equity, infrastructure, and real estate. The agreement facilitates ongoing discussions aimed at enhancing their partnership and identifying projects that align with their respective investment goals.
The MoU was signed by Israfil Mammadov, CEO of SOFAZ, and Saad bin Abdulmohsen Al-Fadly, CEO of Hassana.
SOFAZ, Azerbaijan’s sovereign wealth fund, is focused on expanding its international investment portfolio, including opportunities in Saudi Arabia. The Kingdom’s dynamic economic reforms, ambitious Saudi Vision 2030 initiatives, and growing infrastructure development have made it a premier destination for foreign direct investment, attracting global interest across diverse sectors.
Hassana Investment Company is the investment manager of the General Organization for Social Insurance “GOSI”. With over SAR1.2 trillion Saudi riyals (320 billion US dollars) of assets under management, Hassana manages one of the largest pension funds in the world with a diversified portfolio of local, regional and global investments across asset classes.
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