UK Export Finance (UKEF), the UK’s export credit agency, and PIF have signed a Memorandum of Understanding (MoU) to strengthen financial cooperation and expand trade and investment opportunities between the United Kingdom and Saudi Arabia.

UKEF has a total market risk appetite of £4-5 billion in Saudi Arabia. The agency will partner with PIF – Saudi Arabia’s sovereign wealth fund – 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.