The National Infrastructure Fund and the International Finance Corporation signed a cooperation memorandum focused on offering joint advisory services for infrastructure transactions in the Kingdom. The signing took place in the presence of Minister of Economy and Planning Faisal F. Alibrahim, and Chairman of the National Infrastructure Fund and Managing Director of the International Finance Corporation Makhtar Diop.

This collaboration will build on the two institutions’ complementary expertise, specifically focusing on greenfield, brownfield, and capital markets transactions. The Infra/IFC partnership will deliver structuring and transaction advice to support the continued growth of private sector participation across the Kingdom’s high-growth infrastructure market, including sectors such as energy and energy transition, water, transport and logistics, waste management, health and education, communications and digital infrastructure among others.

The partnership will strengthen Infra’s ability to combine advice with its strategic financing capability and support accelerated outcomes for high-priority infrastructure needs. The arrangement will leverage IFC’s global track record of innovation across multiple sectors and financing strategies.

Esmail Alsallom, CEO of Infra, said: “Our partnership with IFC is an important step in expanding Infra’s offering. The integration of advice with Infra’s flexible financing solutions will play an important role in expanding the opportunities for institutional and foreign investment. We are delighted to be partnering with IFC to support higher levels of private sector investment which is critical to the success of the Kingdom’s transformative Vision 2030 agenda.” 

Diop said: “With this agreement, we reaffirm our commitment to supporting Saudi Arabia’s Vision 2030, which aims to increase private sector participation and diversify its economy. This sends a strong signal to the global business community to invest in transformative infrastructure projects in the country. Private sector engagement can unlock a new era of growth and prosperity for the Kingdom — and, at IFC, we want to make that happen.”

LuLu Hypermarket recently hosted a community event in the Eastern Province in collaboration with Khobar Municipality, during which 3,000 chaste trees were planted. The event was attended by Abdullah bin Ali Al-Ayyadi, assistant director of the parks and beautification department at the municipality, who highlighted the role of the private sector in supporting environmental initiatives and driving sustainable development across the Kingdom.

LuLu’s tree planting campaign aligns with the Saudi Green Initiative, aimed at increasing green spaces and improving the quality of life across various regions of the Kingdom. The chaste tree was specifically chosen for its adaptability to the region’s climate, as well as its numerous environmental and health benefits. This tree symbolizes care for the environment and the provision of a healthy and sustainable life for future generations, reflecting LuLu Hypermarket’s commitment to supporting environmental issues and promoting sustainability.

Through this event, LuLu seeks to enhance environmental awareness among community members, emphasizing that tree planting is not merely a recreational activity but carries a powerful message urging everyone to participate in protecting the environment and conserving natural resources. The event witnessed wide participation from local community members, reflecting their growing concern for environmental issues and their desire to be part of sustainable environmental solutions.

Al-Ayyadi said that LuLu's initiative serves as a model for successful collaboration between the public and private sectors, enhancing the prospects for achieving the desired environmental goals.

Mohammed Ahmed Bobsheit, executive director of LuLu Group in the Eastern Province, said: “Through this initiative, we affirm that every tree we plant today is a seed of hope for a greener and more sustainable future. Caring for the environment is not just a duty toward the Earth, but a commitment to future generations. Together, we can make a positive difference that ensures a better world for generations to come.” 

Bobsheit also thanked Khobar Municipality for their support in making the initiative a success.

As part of its commitment to social responsibility and the Saudi Green Initiative, LuLu plans to organize more such tree planting events in the future, in addition to implementing several environmental awareness programs and activities for its customers across all its branches in Saudi Arabia.