Saudi Arabia's Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding on October 31 at the FII 8th Edition in Riyadh to jointly anchor a USD1bn investment fund. The fund aims to invest in manufacturing, renewables, fintech, and healthcare sectors, supporting the localization in Saudi Arabia of companies linked to Hong Kong and the Greater Bay Area. The collaboration aligns with Saudi Vision 2030 and reinforces Hong Kong's status as a leading global financial hub. It marks a significant milestone in economic ties between PIF and HKMA, combining HKMA's investment expertise with PIF's strategic focus to promote foreign direct investment and economic growth.