Hassana Investment Company and Franklin Templeton have signed a $150m (£112m) memorandum of understanding to explore a ‘strategic partnership’ targeting Saudi Arabia’s private credit market.
Almost 50 per cent of employment across Saudi Arabia comes from mid-sized companies, but those firms receive less than 10 per cent of total bank lending.
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The partnership will aim to strengthen access to financing for high-growth companies in the region, the firms said. Hassana is already one of the region’s most active institutional investors, with around $320bn of assets under management.
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“This strategic partnership is a testament to our continued commitment to the Saudi market,” said Jenny Johnson, president and chief executive of Franklin Templeton.
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“The MoU marks an important step in further strengthening the relationship between Hassana and Franklin Templeton, as both firms seek to collaborate on investment opportunities in the Kingdom, with a focus on supporting the growth of private sector enterprises, advancing economic diversification and contributing to the objectives of Vision 2030.”
