Saudi Arabia's Public Investment Fund has signed partnerships worth up to $50 billion with six major Chinese financial institutions, aimed at strengthening its global co-operation strategy.
The initial agreements were signed with 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 deals cover areas including two-way capital flows through both debt and equity, and allows Saudi Arabia to tap into China's banking sector, whose assets grew at nearly 10 per cent in 2023, reaching 417.3 trillion yuan ($57.6 trillion), according to BBVA Research.
The agreements “demonstrate the PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally”, Fahad Al Saif, the PIF's head of global capital finance, said.
