DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has signed five Memorandums of Understanding (MoU) with Japanese financial institutions worth up to an overall $51 billion, it said on Thursday.

PIF inked MoUs with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG Bank, JBIC, and Nippon Export and Investment Insurance (NEXI), it said in a statement.

The deals aim to spur “two-way capital flows through both debt and equity”, among other things, it added.

The move adds to more MoUs signed by the $925 billion wealth fund during the flagship Future Investment Initiative (FII) event taking place this week in Riyadh and gathering some of the world’s financial titans.

The forum, which is headed by PIF’s governor Yasir Al Rumayyan, is an opportunity for Saudi Arabia to draw in foreign investment to support the kingdom’s massive economic overhaul known as Vision 2030.

Saudi Arabia’s PIF, Hong Kong’s HKMA looking to anchor $1bn investment fund

Earlier on Thursday, PIF and the Hong Kong Monetary Authority said they were looking to jointly anchor a new fund targeting $1 billion to invest in firms with an “Hong Kong nexus” that are expanding to Saudi Arabia, with a focus on sectors including manufacturing and renewables.

PIF also said on Wednesday that it had entered a non-binding agreement to become an anchor investor in Brookfield Asset Management’s new $2 billion Middle East-focused private fund.

The investment platform, known as Brookfield Middle East Partners, intends to focus on buyouts and structured solutions, among other investment opportunities, with at least half of the capital set to be invested in Saudi Arabia and in international companies that are looking to expand in the Gulf country.