Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) signed a memorandum of understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to jointly anchor a new investment fund with a target size of $1 billion, the wealth fund announced in a press release.

The MoU was signed at the eighth edition of the Future Investment Initiative (FII8) that took place in Riyadh from 29 to 31 October.

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

It will explore investment in manufacturing, renewables, fintech, and healthcare, ultimately supporting the localization in Saudi Arabia of companies connected to Hong Kong and the Greater Bay area.

Further, the fund will enable the creation of highly skilled local jobs and drive economic growth by fostering regional champions in the target sectors.

This partnership targets investing in industries that will shape future economies, combining HKMA’s long-term investment expertise with PIF’s strategy for the target sectors.

Moreover, the new fund aligns with PIF’s strategy of economic diversification and sustainability, underlining the economic ties between PIF and HKMA.