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PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8

Aleqtsad. Riyadh

تم النشر في الجمعة 2024-11-01

PIF and the Hong Kong Monetary Authority (HKMA) today signed a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of $1 billion. The MoU was signed at FII 8th Edition in Riyadh.

Under the MoU, the fund would explore investment in manufacturing, renewables, fintech and healthcare, supporting the localization in Saudi Arabia of companies connected to Hong Kong and the Greater Bay area. It would enable the creation ofhighly skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity.

The signing of this MoU is a new milestone and underlines the economic ties between two leading institutions – PIF and HKMA. The proposed new fund aligns with PIF’s strategy of economic diversification and sustainability.

This partnership has the potential to drive shared prosperit by investing in industries that will shape future economies, combining HKMA’s long-term investment expertise with PIF’sstrategy for the target sectors.

The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalize their businesses and have access to attractive investment opportunities in Saudi Arabia.

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