(Yicai) Aug. 2 -- Saudi Arabia’s sovereign wealth fund has inked six memorandums of understanding worth a total of USD50 billion with Chinese financial institutions.

The MoUs were signed with Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, Export-Import Bank of China, and Industrial and Commercial Bank of China, and cover areas such as encouraging two-way capital flows through debt and equity, Public Investment Fund announced yesterday.

“The MoUs demonstrate PIF's strong and deepening relationships with leading financial institutions and accentuate its commitment to enhancing partnerships globally,” said Fahad AlSaif, PIF's head of global capital finance and investment strategy and economic insights.

PIF is one of Saudi Arabia’s most important institutional investors, with about USD925 billion of assets under management. The Riyadh-based fund has been very active in China. It is at present building an office in Beijing, which is expected to be completed by the end of this year or the beginning of next year.

On July 11, Chinese Commerce Minister Wang Wentao held talks with Yasir Al-Rumayyan, the Saudi official responsible for economic cooperation with China. Al-Rumayyan is also PIF’s governor and chairman of energy giant Saudi Aramco.

To achieve Saudi Arabia’s Vision 2030 -- a strategic framework aimed at reducing the country's dependence on oil, diversifying its economy, and developing public service sectors -- PIF has dedicated itself to expanding its influence beyond Saudi Arabia to promote the country's economic development.

The fund’s four main goals are increasing the scale of its assets, unlocking the development of new industries, collaborating with strategic economic partners, and localizing cutting-edge technologies and knowledge.

Editor: Futura Costaglione