Saudi Investment Fund Signs 6 Agreements with Chinese Financial Institutions

Saudi Investment Fund Signs 6 Agreements with Chinese Financial Institutions
August 2, 2024, 1:00 am

Saudi / China Flags

Saudi Investment Fund Signs 6 Agreements with Chinese Financial Institutions

Saudi Arabia and China Explore New Economic and Trade Integration Opportunities through MoUs Covering Finance and Capital Markets, Aligning with the Fund’s Strategy to Enhance Institutional Partnerships

The Saudi Public Investment Fund (PIF) has signed six memoranda of understanding (MoUs) worth up to 187.5 billion riyals (50 billion dollars) with several Chinese financial institutions.

Read More: Saudi Arabia declares that it did not help in targeting Hodeida in Yemen..

The agreements were signed with the Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export & Credit Insurance Corporation (SINOSURE), Export-Import Bank of China (CEXIM), and Industrial and Commercial Bank of China (ICBC).

These MoUs encompass various areas of cooperation, including stimulating mutual capital flow through debt instruments and capital markets. This initiative is part of the fund’s strategy to strengthen its institutional partnerships globally.

Fahad Al Saif, Head of Global Capital Finance and Head of Investment Strategy and Economic Studies at the Public Investment Fund, stated, "The new MoUs reflect the depth of the relationship between the Public Investment Fund and leading financial institutions, and reaffirm the fund's commitment to enhancing its global partnerships."

The Saudi Public Investment Fund is a sovereign wealth fund aiming to diversify Saudi Arabia's economy and increase non-oil revenues. It holds stakes in global companies such as Uber, Lucid Motors, SoftBank, and Tesla, and leads major projects in Saudi Arabia like NEOM, contributing to the realization of Vision 2030.

Levant-Agencies

Israel Assassinates IRGC Advisor in Southern Suburbs Along with Fawad Shukur Damascus' Silence in the Conflict Equation Raises Questions: A New Strategy or a Temporary Tactic?