The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has entered into a Memorandum of Understanding (MoU) with Hassana Investment Company to explore collaborative investment opportunities within the Kingdom of Saudi Arabia.

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 Mr. Israfil Mammadov, CEO of SOFAZ, and Mr. Saad bin Abdulmohsen Al-Fadly, CEO of Hassana.

Mr. Israfil Mammadov commented, “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.”

Mr. Al-Fadly highlighted the importance of the partnership with SOFAZ, stating that “the MoU will enable both parties to take advantage of emerging opportunities in the Kingdom’s investment sector. 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.”

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. Hassana aims to invest for the long term using a thoughtful approach, robust processes, and world class talent to ensure the portfolio is positioned to deliver the best investment outcomes to address the future pension needs of all Saudi generations.