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PIF, Hong Kong Monetary Authority to Establish New Investment Fund

The Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with the Hong Kong Monetary Authority (HKMA) to jointly invest in a new fund with a target value of up to $1 billion.

According to the Saudi Press Agency (SPA), the new fund will capture new investment opportunities in manufacturing, renewable energy, fintech, and healthcare.

Therefore, it will empower companies connected to Hong Kong and the Greater Bay area to localize their business in Saudi Arabia.

Consequently, the localization will create professional local jobs and drive economic growth by fostering the emergence of regionally leading companies in the targeted sectors.

Crucially, the MoU will further boost Hong Kong’s position as one of the world’s leading financial hubs with its professional cadres, efficient financial infrastructure and deep liquidity.

Moreover, it represents a significant milestone in the Saudi-Chinese economic ties and perfectly aligns with PIF’s economic diversification and sustainability strategy.

The new investment fund will also offer a special blend between the HKMA’s long-term investment expertise of and the PIF’s strategy for targeted sectors.

Interestingly, it will strengthen prosperity and welfare by investing in various promising industries that will significantly reshape the future.

Future Investment Initiative

The partnership was part of the Future Investment Fund (FII) in Riyadh.

Themed “Infinite Horizons: Investing Today, Shaping Tomorrow,” the summit aimed to accelerate the fulfillment of Saudi Vision 2030 by diversifying the Kingdom’s economy and cutting oil dependency.

“The event will ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity,” the FII institute said.

The summit highlighted the participation of more than 5,000 participants from 90 countries. They included heads of state and governments, major companies, and 500 speakers from different sectors.

 

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