Saudi Arabia’s Public Investment Fund (PIF) and the United Kingdom’s export credit agency, UK Export Finance (UKEF) have signed a memorandum of understanding (MoU) to unlock up to $6.8bn in market cover to support new trade and investment projects.
The agreement aims to deepen financial cooperation between the two nations and expand access to export-backed funding for companies in PIF’s ecosystem.
It will allow UKEF to partner directly with PIF and its portfolio companies on existing and prospective projects that, if financed under this framework, could generate substantial supply contracts for UK-based exporters.
Saudi-UK trade
The MoU also creates a framework for closer collaboration between PIF and UKEF, enabling both institutions to share expertise and identify mutually beneficial investment opportunities.
The MoU reinforces PIF’s strategy to diversify funding sources through partnerships with leading international financial institutions.
It will also enhance access to global capital markets for PIF’s portfolio companies as they continue to grow domestically and internationally.
For the UK, the move underscores UKEF’s expanding role in supporting British exporters as they contribute to Saudi Arabia’s Vision 2030 transformation — building on past transactions such as the $700m Islamic Murabaha facility for Six Flags Qiddiya City, which UKEF guaranteed.
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.”
UK exporters
Tim Reid, CEO of UK Export Finance, said: “Saudi Arabia’s ambitious Vision 2030 programme 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.
“This partnership demonstrates the UK’s commitment to supporting British exporters as they compete and win in one of the world’s most dynamic markets, while helping to deliver the infrastructure and innovation that will shape Saudi Arabia’s future.”
Bilateral investments
The MoU comes as both countries intensify cooperation on trade, infrastructure, and clean energy partnerships aligned with Vision 2030’s diversification agenda.
It highlights how Saudi Arabia’s sovereign wealth fund continues to build relationships with global institutions to mobilise international capital and drive sustainable economic transformation.
PIF — one of the world’s largest and most influential sovereign investors — holds an Aa3 rating with a stable outlook from Moody’s and an A+ rating with a stable outlook from Fitch, underscoring its strong credit profile and institutional credibility.
With UKEF’s financial cover and PIF’s investment reach, both entities are expected to identify a pipeline of export-backed projects that will expand UK participation in Saudi giga-projects and infrastructure development over the coming years.
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