Hong Kong Financial Authority – PIF and Hong Kong Financial Authority signal memorandum of working out for funding fund at FII8
Discussions to anchor a joint US$1 billion fund to put money into corporations with Hong Kong nexus increasing to Saudi Arabia to pressure localisation of key industries, together with production, renewables, fintech and healthcare
Collaboration marks important milestone aligning with Saudi Imaginative and prescient 2030 and with Hong Kong’s place as one of the most international’s main monetary hubs
PIF and the Hong Kong Financial Authority (HKMA) these days (31 October) signed a memorandum of working out (MoU) to paintings in opposition to collectively anchoring a brand new funding fund, with a goal measurement of US$1 billion. The MoU was once signed at FII eighth Version in Riyadh.
Beneath the MoU, the fund would discover funding in production, renewables, fintech and healthcare, supporting the localisation in Saudi Arabia of businesses hooked up to Hong Kong and the Higher Bay Space. It could allow the introduction of extremely professional native jobs and pressure financial enlargement via fostering regional champions within the goal sectors. It could give a boost to Hong Kong’s place as one of the most international’s main monetary hubs, leveraging its numerous skill pool, environment friendly monetary infrastructure and deep liquidity.
The signing of this MoU is a brand new milestone and underlines the industrial ties between two main establishments – PIF and HKMA. The proposed new fund aligns with PIF’s technique of financial diversification and sustainability.
This partnership has the prospective to pressure shared prosperity by way of making an investment in industries that may form long run economies, combining HKMA’s long-term funding experience with PIF’s technique for the objective sectors.
The brand new fund would advertise international direct investments by way of Hong Kong, offering a platform for corporations to internationalize their companies and feature get right of entry to to horny funding alternatives in Saudi Arabia.
Hong Kong Financial AuthorityPIF31 October 2024
Mr Darryl Chan, Deputy Leader Govt of the Hong Kong Financial Authority (entrance row, left) and Mr Aiman Almudaifer, Head of Native Actual Property Investments Department of PIF (entrance row, proper), signal a memorandum of working out for a brand new funding fund within the presence of Mr Paul Chan, the Monetary Secretary of Hong Kong Speicial Administrative Area Executive (again row, left) and H.E. Yasir Alrumayyan, Governor of PIF (again row, proper).
