HKMA to Launch $1 Billion Fund With Saudi Sovereign Wealth Fund

The Hong Kong Monetary Authority and Saudi Arabia’s sovereign wealth fund are starting a $1 billion fund to help Hong Kong and Greater Bay Area companies expand into the Middle Eastern country.

The initiative between the HKMA and the Public Investment Fund will contribute to the development of non-oil economic sectors in Saudi Arabia, Hong Kong Financial Secretary Paul Chan said in a speech at a conference Tuesday.