Riyadh, Saudi Arabia – October 29, 2024 — Hassana Investment Company and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have signed a Memorandum of Understanding (MoU) to explore investment collaboration in Saudi Arabia. The MoU lays the foundation for strategic cooperation, allowing the two entities to co-invest and pursue asset transfers in sectors such as private equity, infrastructure, and real estate.
The agreement was signed by Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Mr. Israfil Mammadov, CEO of SOFAZ. Mr. Al-Fadly emphasized the potential of this partnership to capitalize on Saudi Arabia’s expanding investment sector, noting, “This collaboration focuses on key areas such as private equity, real estate, and infrastructure, with a strong commitment to generating long-term value and achieving outstanding investment results.”
Mr. Mammadov echoed the enthusiasm, stating, “This collaboration marks a significant milestone for SOFAZ’s investment strategy in Saudi Arabia, opening new avenues for growth and partnership. We look forward to working with Hassana to identify projects of mutual interest and benefit.”
SOFAZ, Azerbaijan’s sovereign wealth fund, is committed to expanding its international portfolio and views Saudi Arabia’s economic landscape as an attractive investment environment. Saudi Arabia’s robust economic reforms, Vision 2030 initiatives, and infrastructure growth have positioned the Kingdom as a premier destination for foreign direct investment across multiple sectors.
The MoU represents a significant step in fostering cross-border investment opportunities between Saudi Arabia and Azerbaijan, aligning with both countries’ broader strategic goals for economic development.
