Riyadh: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has formalized a Memorandum of Understanding (MoU) with Hassana Investment Company to explore potential collaborative investment opportunities within Saudi Arabia. This development was reported by the Trend News Agency via SOFAZ.

According to Trend News Agency, the MoU outlines a strategic framework for cooperation between SOFAZ and Hassana, allowing both entities to consider joint ventures and asset management in sectors such as private equity, infrastructure, and real estate. This agreement is intended to facilitate ongoing discussions aimed at strengthening their partnership and identifying projects that align with their investment objectives.

The signing ceremony for the MoU featured Israfil Mammadov, CEO of SOFAZ, and Saad bin Abdulmohsen Al-Fadly, CEO of Hassana. This partnership marks a significant step for SOFAZ, Azerbaijan’s sovereign wealth fund, which is actively seeking to expand its international investment portfolio, with a keen
interest in opportunities within Saudi Arabia. The Kingdom’s robust economic reforms, the ambitious Saudi Vision 2030, and its growing infrastructure development have positioned it as a leading destination for foreign direct investment, attracting global attention across various sectors.

Hassana Investment Company, which acts as the investment manager for the General Organization for Social Insurance (GOSI), manages assets exceeding SAR1.2 trillion Saudi riyals (approximately 320 billion US dollars). With one of the largest pension funds globally, Hassana’s diversified portfolio includes local, regional, and global investments across multiple asset classes.