PIF and UKEF Sign $6.8bn MoU to Drive UK Business Growth in Saudi Arabia’s Key Sectors
PIF and UK Export Finance (UKEF), the United Kingdom’s export credit agency, have signed a memorandum of understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities between the UK and Saudi Arabia.
Offer numerous supply contracts for UK-based suppliers
UKEF has a total market cover of up to $6.8bn in Saudi Arabia. Through this MoU, the agency will partner with PIF and its portfolio companies to access a pipeline of existing and prospective projects in the country that, if backed with UKEF financing, will offer numerous supply contracts for UK-based suppliers. The agreement will make it more attractive for companies in PIF’s ecosystem to procure goods and services from UK contractors.
The MoU also establishes a framework for closer cooperation between PIF and UKEF, that would see them share business experience and knowledge and work together to identify mutually beneficial opportunities.
The MoU underlines PIF’s strategy to diversifying funding sources through strong partnerships with reputable and leading international institutions, while providing its portfolio companies with greater access to global markets as these companies continue to grow domestically and globally and attract capital globally.
For UKEF, the move reinforces its role in supporting UK exporters’ contribution to Saudi Arabia’s Vision 2030 transformation, building on transactions such as the $700 million Islamic Murabaha facility for Six Flags Qiddiya City which was guaranteed by UKEF.
“This MoU reflects PIF’s strong partnerships with a wide group of leading global financial institutions. This collaboration will further enable our portfolio companies to access international capital and expertise and deliver transformative projects that contribute to sustainable economic growth in line with Vision 2030.”
Fahad AlSaif, PIF’s Head of Global Capital Finance and Investment Strategy and Economic Insights
“Saudi Arabia’s ambitious Vision 2030 program presents significant economic opportunities for British businesses. Through this landmark signing, we are not just opening doors – we are creating a gateway that will provide valuable new supply contracts, driving substantial economic growth across both our nations. This partnership demonstrates the UK’s commitment to supporting British exporters as they compete and win in one of the world’s most dynamic markets, while helping to deliver the infrastructure and innovation that will shape Saudi Arabia’s future.”
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