Saudi PIF signs $50bn co-op deals with top Chinese banks

Saudi sovereign wealth fund PIF (Public Investment Fund) has announced that it had signed MoUs worth up to $50 billion with six leading Chinese financial institutions aimed at boosting co-operation in key sectors.

These institutions are 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.

These agreements cover areas of cooperation such as encouraging two-way capital flows through both debt and equity, and come as part of PIF’s strategy to foster institutional partnerships globally, said a top official.

“The MoUs demonstrate our strong and deepening relationships with leading financial institutions and accentuate our commitment to enhancing partnerships globally,” remarked Fahad AlSaif, the Head of the Global Capital Finance Division and Head of Investment Strategy and Economic Insights Division, at PIF.