According to the Fund’s statement, the memorandum was signed during the activities of the eighth edition of the Future Investment Initiative 2024, held in Riyadh.
Under the memorandum, the new investment fund will focus on investment opportunities in industry, renewable energy, financial technology, and health care, in a way that supports enabling companies related to Hong Kong and the Greater Bay Area in southern China to localize their businesses in the Kingdom, “and this is expected to contribute to the creation of more quality jobs.” And enhancing growth locally by enabling the emergence of leading regional companies in the targeted sectors,” according to the statement.
The memorandum will also contribute to strengthening the country’s position Hong Kong Leading as one of the most important financial centers in the world, and characterized by a diverse environment of talent and competencies, an effective financial infrastructure, and high levels of liquidity.
Cooperation between the two sides will support opportunities to enhance shared prosperity by investing in industries that will shape the economies of the future, and combining the long-term investment expertise of the Hong Kong Monetary Authority with the Public Investment Fund’s strategy for targeted sectors.
The new fund will encourage foreign direct investments through Hong Kong, and provide companies with the ability to internationalize their businesses and obtain attractive investment opportunities in the Kingdom.