Blackstone Group’s shares surged to their highest point in nearly two years on news that Saudi Arabia has committed $20bn to a new infrastructure investing business the firm is launching, The Wall Street Journal reports.

Blackstone said Saturday that the business will centre on a permanent capital fund with a broad mandate to invest in and build infrastructure, particularly in the US. The New York firm is aiming to raise $40bn of equity to give it spending power of up to $100bn once debt is added.