PIF and Hong Kong Monetary Authority sign memorandum of understanding for investment fund at FII8

On October 31, the Public Investment Fund (PIF) of Saudi Arabia and the Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding to establish a new investment fund with a target size of $1 billion. This fund aims to invest in manufacturing, renewables, fintech, and healthcare, promoting local job creation and economic growth in Saudi Arabia while strengthening Hong Kong’s status as a financial hub. The partnership aligns with PIF’s goals of economic diversification and sustainability, leveraging HKMA’s investment expertise to drive foreign direct investments and support companies in accessing opportunities in Saudi Arabia.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241031-10/