RIYADH: Saudi Arabia’s sovereign wealth fund has signed six agreements valued at up to $50 billion with top Chinese financial institutions to enhance bilateral capital flows. According to a press release issued on Thursday, the Public Investment Fund signed memorandums of understanding with China Construction Bank, Agricultural Bank of China, China Export and Credit Insurance Corp., Bank of China, Export-Import Bank of China, and the Industrial and Commercial Bank of China. The agreements focus on facilitating two-way capital flows through both debt and equity. PIF’s strategy includes cultivating global institutional partnerships, as emphasized by Fahad Al-Saif, head of the Global Capital Finance Division and the Investment Strategy and Economic Insights Division at PIF. He highlighted that these MoUs reflect PIF’s robust and expanding relationships with leading financial institutions worldwide. “The MoUs demonstrate PIF’s strong and deepening relationships with leading financial institutions and accentuate PIF’s commitment to enhancing partnerships globally.” This move is part of Saudi Arabia"s broader efforts to strengthen economic ties with China. In June 2024, PIF-backed Riyadh Air signed a significant agreement with China Eastern Airlines to enhance future connectivity and collaborate on digital transformation, further cementing its entry into the Chinese market. The Saudi wealth fund has also forged strategic partnerships with Singapore Airlines and Air China, focusing on interline connectivity, codeshare arrangements, and potential collaborations in areas such as frequent flyer programs, cargo services, customer experience, and digital innovation. Since its inception in 2017, PIF has founded 95 companies and is actively building a diversified portfolio across 13 strategic sectors both domestically and internationally. As outlined in the PIF Program 2021-2025, a Vision 2030 realization program, the fund aims to inject at least SR150 billion annually into the local economy, support promising sectors, and increase local content through private sector partnerships. Overall, these recent agreements and strategic partnerships underscore PIF’s pivotal role in advancing Saudi Arabia’s economic transformation and global economic integration.