PIF, UK Export Finance sign $6.8B MoU

The signing ceremony of the MoU, which establishes a framework for closer ties between PIF and UKEF

The Public Investment Fund (PIF) and UK Export Finance (UKEF) signed a memorandum of understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities between Saudi Arabia and the UK.

According to a statement by PIF, UKEF will provide up to $6.8 billion in export credit support to Saudi Arabia.

Under the MoU, the UK-based export credit agency will partner with PIF and its portfolio companies to gain access to a range of existing and future projects in the local market.

This partnership will create numerous opportunities for UK-based suppliers and enhance the appeal of their goods and services to PIF and its portfolio ecosystem.

The MoU also establishes a framework for closer collaboration between PIF and UKEF, promoting the exchange of expertise and commercial knowledge, as well as joint efforts to identify mutually beneficial opportunities.

PIF noted that the agreement aligns with its strategy to diversify funding sources through strong partnerships with leading international institutions.

It also aims to enhance its portfolio companies’ access to global markets amid their ongoing domestic and international growth. This is besides reinforcing its ability to attract further international capital.

The MoU further supports UKEF’s efforts to empower UK exporters and facilitate their contribution to the Saudi Vision 2030 projects aimed at driving the Kingdom’s economic transformation.

The MoU builds on previous successful collaborations, including the $700 million Murabaha-based financing facility guaranteed by UKEF for the Six Flags Qiddiya project.