On July 11, 2024, Industrial and Commercial Bank of China (ICBC) and the Public Investment Fund (PIF) of Saudi Arabia signed a Memorandum of Understanding (MoU) in Beijing. The agreement aims to deepen cooperation in the financial services sector, align the Belt and Road Initiative with Saudi Vision 2030, and further promote economic and social development in both countries. The signing ceremony was attended by ICBC Chairman Liao Lin, President Liu Jun, Vice Presidents Zhang Weiwu and Zhang Shouchuan, as well as key guests including Yasir Al-Rumayyan, Head of Saudi Economic Cooperation with China, PIF President and Chairman of Saudi Aramco, PIF Vice Presidents Turqi Alnowaiser and Yazid Al-Hamid.
ICBC has always emphasized serving the economic and trade cooperation between China and Saudi Arabia, playing a vital role as a financial bridge and link. The bank's cooperation with PIF in bond issuance and syndication has achieved significant results. The signing of this MoU marks a new phase of cooperation in cross-border RMB transactions, financing, investment banking, custody, and other fields, further promoting economic and trade cooperation and economic and social development in both countries through high-quality financial services.
As the first Chinese bank to enter the Middle Eastern market, ICBC has established branches in Saudi Arabia, the UAE, Qatar, and Kuwait. The Riyadh branch is the first Chinese bank in Saudi Arabia to operate with a full commercial banking license, providing comprehensive high-quality financial services to local top-tier enterprises and Chinese enterprises expanding abroad. This cooperation will further facilitate China-Arab trade, offering more convenience and support to enterprises in both countries.