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Saudi sovereign wealth fund signs $50 bn of MoUs with Chinese firms

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Saudi Arabia's sovereign wealth fund, PIF, has signed several agreements totaling $50 billion with leading Chinese financial institutions. The agreements, known as memorandums of understanding (MoUs), were signed with ABC, BoC, CCB, SINOSURE, CEXIM, and ICBC. The MoUs cover various areas of cooperation including capital flows through both debt and equity. The move is in line with Saudi Arabia's Vision 2030 plan to diversify its economy and develop a strong private sector. China has expressed readiness to deepen cooperation with Saudi Arabia in areas such as infrastructure, energy, green development, and the digital economy.