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 joint investments in Saudi Arabia. The agreement aims to foster strategic cooperation in private equity, infrastructure, and real estate sectors.
Strategic Partnership for Investment Growth:
The MoU was signed by Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana, and Mr. Israfil Mammadov, CEO of SOFAZ. Mr. Al-Fadly highlighted the partnership’s potential, stating, “This collaboration focuses on private equity, real estate, and infrastructure, with a strong commitment to generating long-term value.”
Mr. Mammadov expressed similar optimism, noting, “This agreement marks a milestone for SOFAZ’s investment strategy in Saudi Arabia. We look forward to identifying projects of mutual interest and benefit.”
Saudi Arabia as a Prime Investment Destination:
SOFAZ, Azerbaijan’s sovereign wealth fund, is expanding its global portfolio and views Saudi Arabia as a highly attractive market. The Kingdom’s economic reforms and Vision 2030 initiatives have boosted foreign investment opportunities. Infrastructure development is also advancing rapidly, further enhancing the investment climate.
A Step Toward Cross-Border Economic Growth:
This MoU represents a key step toward strengthening economic ties between Saudi Arabia and Azerbaijan. Both nations aim to increase cooperation and investment to support sustainable development and mutual growth.
