BEIJING — The Public Investment Fund (PIF) announced Friday the signing of a Memorandum of Understanding (MoU) with China’s National Energy Administration (NEA) in relation to cooperation in the renewable energy sector.

The MoU will strengthen cooperation between the two entities in the renewable energy sector and utilize Saudi Arabia’s position as a hub for manufacturing and development of renewable energy projects.

This MoU highlights PIF’s desire to invest in renewable energy, and to localize the renewable energy sector, helping the Kingdom to become a global player in this area.

The MoU will enable PIF to contribute and support the development of renewable energy manufacturing, generation and technology in the Kingdom’s over the coming ten years.

This MoU will contribute to strengthen PIF’s efforts to create International Strategic Partnerships, in order to develop the domestic infrastructure projects, create jobs, encourage private sector institutions to enter into investment and trade partnerships and, accordingly, accelerate the track localization and R&D in the renewable energy sector in Saudi Arabia. — SG/SPA