Macquarie to set up base in Saudi Arabia after signing MoU with PIF

Macquarie Asset Management (MAM) is looking to set up an office in Saudi Arabia after signing a Memorandum of Understanding with the country’s USD925 billion ($1.4 trillion) sovereign wealth fund, Public Investment Fund (PIF). Saudi Arabia is currently aiming to achieve USD100 billion in foreign direct investment by 2030 as part of its Vision 2030 program to diversify its economy away from oil dependency and boost its private sector (Read more at Capital Brief).