Saudi Arabia’s PIF Signs $50 Billion MOUs with Chinese Financial Institutions

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has entered into six memorandums of understanding (MOUs) totaling $50 billion with prominent Chinese financial institutions, according to a statement released on Thursday.

The MOUs were signed with the Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export and Credit Insurance Corp. (SINOSURE), Export-Import Bank of China (CEXIM), and Industrial and Commercial Bank of China (ICBC). These agreements focus on enhancing cooperation, including fostering two-way capital flows through both debt and equity investments.

As one of the largest sovereign wealth funds globally, PIF manages a diverse portfolio, ranging from date farms to multinational conglomerates. The fund is central to Saudi Arabia’s Vision 2030 plan, which seeks to diversify the kingdom’s economy away from oil dependency and foster a dynamic private sector.

In July, China expressed its readiness to deepen collaboration in infrastructure, energy resources, green development, and the digital economy. The country welcomed Saudi companies, including PIF and oil giant Aramco, to continue expanding their presence in China.