PIF, Hong Kong Monetary Authority sign MoU for $1B investment fund

31/10/2024 Argaam
The signing ceremony

The signing ceremony


The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) signed today, Oct. 31, a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of $1 billion.

 

The MoU was signed during the eighth edition of the Future Investment Initiative (FII) Summit held in Riyadh, PIF said in a statement.

 

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

 

The MoU will help enable the creation of highly-skilled local jobs and drive economic growth through fostering regional champions in the target sectors. It will 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 proposed new fund aligns with PIF’s strategy for economic diversification and sustainability.

 

This partnership could 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.

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