The Financial Secretary of Hong Kong, Paul Chan, released an essay by the Secretary, in which he said that last week he led a delegation to Riyadh, Saudi Arabia, which was fruitful. The Hong Kong Monetary Authority and the Saudi Arabian Public Investment Fund (PIF) signed a memorandum of understanding to jointly set up a US $1 billion investment fund to invest in the Saudi business of Hong Kong and Guangdong-Hong Kong-Macao Greater Bay Area companies in the fields of manufacturing, renewable energy, fintech and healthcare. In addition, a fintech company from Hong Kong Cyberport signed a business agreement with a local partner.