PIF and the Hong Kong Monetary Authority (HKMA) today (Oct. 31) signed a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of US$1 billion. The MoU was signed at the 8th edition of the Future Investment Initiative (FII) 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 HK and the Greater Bay Area. It would enable the creation of highly skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It would reinforce HK'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 prosperity by investing in industries that will shape future economies, combining HKMA's long-term investment expertise with PIF's strategy for the target sectors.The new fund would promote foreign direct investments via HK, providing a platform for companies to internationalize their businesses and have access to attractive investment opportunities in Saudi Arabia.
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