SMBC announces MoU with Saudi Arabia’s PIF

Sumitomo Mitsui Financial Group announced the signing of a Memorandum of Understanding (MOU) with the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia. The MOU, signed at the Future Investment Initiative event in Riyadh, Saudi Arabia, aims to strengthen the partnership between the two groups.

PIF, a 100% government-owned sovereign wealth fund, plays a crucial role in diversifying the Saudi Arabian economy. It invests in infrastructure projects, renewable energy, and other socially impactful ventures, both domestically and internationally. PIF is a key driver in achieving Saudi Vision 2030, the nation’s strategic framework to reduce its reliance on oil.

SMBC Group has long contributed to Saudi Arabia’s economic growth by providing a wide range of financial solutions, including project finance, securities services, and advisory support. This MOU will further enhance SMBC Group’s support for PIF’s initiatives aimed at furthering the development and diversification of the Saudi Arabian economy and building a vibrant and dynamic society. It will also promote increased business opportunities between Japan and Saudi Arabia.

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