Saudi PIF in deal with HK Monetary Authority for $1bn fund
RIYADH, October 31, 2024
Saudi Arabia's Public Investment Fund today (October 31) signed an agreement at 8th edition of FII in Riyadh with the Hong Kong Monetary Authority (HKMA) to work towards jointly anchoring a new investment fund, with a target size of $1 billion.
Under the MoU, the fund would explore investment in manufacturing, renewables, fintech, and healthcare, supporting the localization of companies connected to Hong Kong and the Greater Bay area in Saudi Arabia.
It would create highly skilled local jobs and drive economic growth by 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 that underlines the economic ties between two leading institutions: PIF and HKMA. The proposed new fund aligns with PIF’s economic diversification and sustainability strategy.
This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies. It combines HKMA’s long-term investment expertise with PIF’s strategy 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 access attractive investment opportunities in Saudi Arabia.-TradeArabia News Service
