RIYADH: Public Investment Fund-backed Rakiza has raised $1 billion to invest in three projects in Oman and is close to signing off on several deals in the Kingdom, according to a statement. The fund has taken a 30 percent stake in telecom firm Omantel’s passive tower assets in the Sultanate, a majority stake in Khazaen Fruit and Vegetable Central Market, and an estimated 31 percent stake in the Oman International Container Terminal in the Port of Sohar. These mean that 25 percent of its acquired capital has already been deployed in Oman, Rakiza said in a statement. The fund is co-managed by Oman Infrastructure Investment Management and London-based infrastructure equity manager Equitix. Rakiza aims to invest in infrastructure projects in Oman and the Kingdom to drive stable returns as well as a stake in sectors like renewables, power, water, telecommunications, and logistics. “Our target of raising over $1 billion is an important milestone, on which Rakiza hopes to build with similar future initiatives,” Rakiza founder and OIM CEO, Muneer Al-Muneeri, said. The company is also close to sealing investment deals in Saudi Arabia as well as securing its first acquisition in the Kingdom, no further information about these deals was disclosed. “The Gulf Cooperation Council is an attractive home for smart capital and an exciting investment destination for those with local access,” said Hugh Crossley, Equitix co-founder and CEO. Last year, Saudi Arabia’s PIF committed $300 million to Rakiza. The Asia Infrastructure Investment Bank has also invested $50 million in the infrastructure fund. “Driven by Rakiza’s local investment teams in our Riyadh and Muscat offices, we aim to deliver on the fund’s return objectives by investing in and developing compelling essential infrastructure projects in Oman and Saudi Arabia,” Crossley added. Saudi-Oman bilateral relations have been positively impacted in recent times with agreements being reached by both countries. Last month, Saudi Arabia and Oman signed 13 investment memoranda of understanding between the public and private sectors covering various industries.