Saudi Arabia Signs Agreements with China Worth $50 Billion

The Saudi Public Investment Fund has signed six memorandums of understanding worth up to 187.5 billion riyals ($50 billion) with Chinese financial institutions. The memorandums were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, Export-Import Bank of China, and Industrial and Commercial Bank of China. The memorandums of understanding addressed areas of cooperation, including stimulating the flow of mutual capital through financing debt instruments and capital markets. This initiative is part of the fund's strategy to enhance its institutional partnerships globally. Fahd Alsaif, the head of the Global Investment Financing Department and the Global Investment Strategy and Economic Studies Department at the Public Investment Fund, stated: "The new memorandums of understanding reflect the depth of the relationship between the Public Investment Fund and leading financial institutions, and confirm the fund's commitment to enhancing its global partnerships."