RIYADH — The Public Investment Fund (PIF) has signed six memorandums of understanding (MoUs) worth up to $50 billion with leading financial institutions, according to a press release from the fund on Thursday.

These MoUs were signed with the 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 the Industrial and Commercial Bank of China (ICBC).

The MoUs cover areas of cooperation such as encouraging two-way capital flows through both debt and equity, aligning with PIF’s strategy to foster institutional partnerships globally.

Fahad AlSaif, PIF’s Head of the Global Capital Finance Division and Head of the Investment Strategy and Economic Insights Division, said: “The MoUs demonstrate PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally.” — SG