A new MoU between the Public Investment Fund (PIF) and UK Export Finance (UKEF) will deepen financial collaboration and unlock new trade opportunities worth up to $6.8 billion
The Public Investment Fund (PIF) and UK Export Finance (UKEF), the United Kingdom’s export credit agency, have signed a memorandum of understanding (MoU) aimed at enhancing financial cooperation and unlocking new trade and investment opportunities between the UK and Saudi Arabia.
Under the agreement, UKEF — which has a total market cover of up to $6.8 billion in Saudi Arabia — will collaborate with PIF and its portfolio companies to explore existing and upcoming projects across the Kingdom. These projects, if supported by UKEF financing, are expected to create numerous supply opportunities for UK-based firms.
The partnership will make it more attractive for PIF-backed companies to procure goods and services from UK contractors, while fostering closer collaboration between the two organizations. Both sides will share business knowledge and expertise to identify mutually beneficial opportunities that support long-term economic growth.
The MoU aligns with PIF’s strategy to diversify its funding sources through partnerships with leading international institutions and to expand access to global markets for its growing portfolio of companies. It also reinforces UKEF’s commitment to supporting British exporters’ participation in Saudi Arabia’s Vision 2030 transformation agenda — building on previous transactions such as the $700 million Islamic Murabaha facility for Six Flags Qiddiya City, guaranteed by UKEF.
Fahad AlSaif, PIF’s Head of Global Capital Finance and Investment Strategy and Economic Insights, 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.”
Tim Reid, CEO of UK Export Finance, added: “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.”
