Saudi Arabia's Prince Mohamed bin Salman. Photo: AFP, Saudi Royal Palace

Saudi Arabia’s Public Investment Fund has agreed to invest US$20 billion with Blackstone, as part of a new US$40 billion infrastructure fund to focus on projects in the US. The announcement of the deal came ahead of President Trump’s visit to Saudi Arabia over the weekend.

“Through the equity in this vehicle and additional debt financing, Blackstone expects to invest in more than $100bn of infrastructure projects, principally in the US,” a statement from Blackstone and the PIF said.

A US$45 billion commitment from the PIF to SoftBank’s US$95 billion technology investment fund was also announced over the weekend.