Saudi PIF and I Squared Sign $2 Billion Infrastructure Investment Memorandum

en.Wedoany.com Reported - Saudi Arabia's Public Investment Fund (PIF) and global infrastructure investment firm I Squared Capital have signed a memorandum of understanding, under which the latter will deploy up to $2 billion in infrastructure and real estate assets owned by PIF and its portfolio companies.

The two parties will evaluate investment opportunities in digital infrastructure and district cooling, with I Squared planning to invest up to $1 billion in each sector. The collaboration may expand to related areas in the future. The agreement aims to channel more third-party capital into PIF-backed projects and accelerate the delivery of development projects within its portfolio.

Saad Alkroud, Head of Local Real Estate Investments at PIF, stated that the agreement combines PIF's capabilities, scale, and portfolio network with I Squared's infrastructure investment and operational expertise. As Saudi Arabia's sovereign wealth fund, PIF conducts its investment activities under the framework of the country's economic diversification strategy.

PIF also holds a stake in HUMAIN, an artificial intelligence company established in May 2025, which focuses on developing data centers, cloud infrastructure, AI models, and enterprise services. Its scope of work includes Arabic large language models and industry-specific AI products for both public and private sectors. In May, HUMAIN appointed Goldman Sachs to advise on a financing plan for new data centers in Saudi Arabia, which could be worth at least 200 billion riyals (approximately $54 billion).

I Squared Capital's investment areas cover energy, utilities, transportation and logistics, digital infrastructure, and social and environmental assets. The firm recently expanded its data center portfolio, acquiring 10 U.S. data center facilities from Cogent Communications subsidiary Cogent Fiber for $225 million in June, and agreeing to acquire Elea Data Centers, one of Brazil's largest carrier-neutral data center platforms.

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, noted that the collaboration between I Squared and PIF reflects the relationship established between the two institutions. The memorandum aims to advance cooperation toward potential investments, with I Squared contributing its infrastructure expertise to Saudi projects.