Private equity firm Blackstone Group (BX) - Get Blackstone Inc. Report today unveiled a $100 billion infrastructure plan for projects primarily in the U.S. The fund will receive a $20 billion investment from Saudi Arabia's public investment firm.
The agreement between Blackstone and Saudi's PIF is a non-binding memorandum of understanding, as the two sides continue to negotiate the details of the deal.
"There is broad agreement that the United States urgently needs to invest in its rapidly aging infrastructure. This will create well-paying American jobs and will lay the foundation for stronger long-term economic growth," Blackstone President Tony James said in a statement.
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