Rakiza raises USD 1 bn fund to partly invest in renewables: Muscat-based investment company Rakiza has raised USD 1 bn in its first infrastructure fund to invest in renewables, among other sectors, in Oman and Saudi Arabia, according to a statement.

What we know: The company has already allocated 25% of its capital into three projects in Oman, including USD 600 mn in telecom towers and funding a USD 400 mn container port terminal, according to Bloomberg. Rakiza is also close to finalizing its first acquisition in Saudi Arabia, the statement notes.

What about the rest? The fund is targeting stakes in the water, energy, and renewable energy sectors of both Oman and Saudi Arabia, the statement notes. The company’s investment strategy includes funding renewables, waste-to-energy, social infrastructure, and transportation and logistics projects, according to the company website.

KSA is on board: The fund — co-managed by Oman Infrastructure Investment Management (OIM) and UK-based infrastructure developer Equitix — received a USD 300 mn capital injection from Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) to expand its portfolio last August.