DUBAI,
Aug 1 (Reuters) - Saudi Arabia's sovereign wealth fund PIF has signed
six memorandums of understanding (MoUs) worth a total of $50 billion
with leading Chinese financial institutions, the fund said in a
statement on Thursday.
The
MoUs were signed with Agricultural Bank of China (ABC), Bank of China
(BoC), China Construction Bank (CCB), China Export and Credit Insurance
Corporation (SINOSURE), Export-Import Bank of China (CEXIM), and the
Industrial and Commercial Bank of China (ICBC), the statement added.
PIF said the MoUs covered areas of cooperation such as encouraging two-way capital flows via both debt and equity.
One
of the world's largest sovereign wealth funds, Saudi Arabia's Public
Investment Fund (PIF) has a sprawling portfolio of investments, from
date farms to multinational conglomerates.
The
kingdom's ambitious Vision 2030 plan aims to diversify its economy away
from fossil fuels to develop a vibrant private sector.
China said in July
it was ready to deepen cooperation in infrastructure, energy resources,
green development and the digital economy, and welcomed Saudi companies
such as its sovereign wealth funds and oil giant Aramco to continue to
"take root" in China.
Reporting by Jana Choukeir; Editing by Andrew Heavens and Mark Potter