The Public Investment Fund (PIF) of Saudi Arabia yesterday signed a memorandum of understanding with the Hong Kong Monetary Authority to jointly invest in the establishment of a new investment fund with a target size of $1 billion. According to the memorandum, the fund will explore investment opportunities in manufacturing, renewable energy, fintech, and healthcare, aiming to promote the development of enterprises connected to Hong Kong and the Greater Bay Area in Saudi Arabia. The new fund will support the growth of key sector companies into regional leaders, creating more high-tech job opportunities locally and driving economic growth. It will also enhance Hong Kong's status as a leading global financial center, leveraging its diverse talent pool, efficient financial infrastructure, and substantial capital liquidity.