The Fund stated in a statement that it had signed memorandums of understanding with Mizuho Bank Sumitomo Mitsui Financial Group, MUFG Bank, Nippon Export and Investment Insurance Company, and the Japan Bank for International Cooperation.
The goal is to “stimulate mutual capital flows through debt instruments and capital markets,” the statement said.
These memorandums come in addition to others signed by the Fund, whose assets it manages amount to $925 billion, during Future Investment Initiative Conference Which brought together some of the world’s financial giants in Riyadh.
The initiative, headed by Fund Governor Yasser Al-Rumayyan, is an opportunity for Saudi Arabia to attract foreign investment and support the huge economic reform undertaken by the Kingdom, known as Vision 2030.
The Fund and the Monetary Authority said Hong Kong Earlier Thursday, they were looking to establish a new investment fund together that aims to raise $1 billion.
Under a memorandum of understanding signed by both parties, the fund will invest in companies with a “Hong Kong connection” that are expanding into the Kingdom and focusing on manufacturing, renewable energy, financial technology and healthcare.
He mentioned Public Investment Fund And the Hong Kong Monetary Authority said in a joint statement that “the new fund would promote foreign direct investments through Hong Kong, providing a platform for companies to internationalize their businesses and obtain attractive investment opportunities in Saudi Arabia.”
The fund said yesterday, Wednesday, that it had also signed a non-binding memorandum of understanding with Brookfield Asset Management Company, through which it will become a primary strategic investor in the Brookfield Middle East Partners platform, which aims to raise two billion dollars from a diverse group of investors.
The platform intends to focus on acquisitions, structural solutions, and investment opportunities in a group of strategic sectors, while allocating at least 50 percent of the capital to investments in the Kingdom and in leading international companies looking to expand their business in the Saudi market.
