DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and the Hong Kong Monetary Authority (HKMA) are looking to jointly anchor a new investment fund targeting $1 billion, they said on Thursday.

Under an Memorandum of Understanding (MoU) signed by the two companies, the fund would invest in companies with an “Hong Kong nexus” that are expanding to Saudi Arabia and focusing on manufacturing, renewables, fintech and healthcare.

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“The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalise their businesses and have access to attractive investment opportunities in Saudi Arabia,” PIF and HKMA said in a joint statement.