RIYADH — The Public Investment Fund (PIF) and UK Export Finance (UKEF), the United Kingdom’s export credit agency, have signed a memorandum of understanding (MoU) to enhance financial cooperation and expand trade and investment opportunities between Saudi Arabia and the UK.

The agreement, signed on the sidelines of the ninth Future Investment Initiative (FII9) in Riyadh in the presence of UK Chancellor of the Exchequer Rachel Reeves, establishes a financial structure worth up to $6.8 billion to promote UK companies’ participation in Saudi projects.

Under the MoU, UKEF will partner with PIF and its portfolio companies to access a pipeline of current and future projects in Saudi Arabia that could be backed by UKEF financing, opening supply contract opportunities for UK-based suppliers.

The framework aims to make it more attractive for companies within PIF’s ecosystem to procure goods and services from UK contractors.

The partnership also provides a platform for knowledge exchange and collaboration between PIF and UKEF, reinforcing PIF’s strategy of diversifying funding sources and strengthening partnerships with global financial institutions. It supports PIF portfolio companies in expanding access to international markets as they continue to grow domestically and abroad.

For the UK, the move bolsters efforts to support British exporters contributing to Saudi Vision 2030, building on prior deals such as UKEF’s $700 million Islamic Murabaha facility guaranteed for Six Flags Qiddiya City.

Fahad AlSaif, Head of Global Capital Finance and Investment Strategy and Economic Insights at PIF, said: “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.”

UKEF CEO Tim Reid said the agreement underscores the UK’s commitment to supporting British exporters in one of the world’s most dynamic markets.

“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.”

PIF, one of the world’s most influential sovereign wealth funds, continues to play a leading role in driving Saudi Arabia’s economic transformation and global investment footprint.

The fund holds long-term credit ratings of Aa3 (stable) from Moody’s and A+ (stable) from Fitch. — SG