DUBAI, Oct 31 (Reuters) - Saudi Arabia's sovereign

wealth fund, the Public Investment Fund (PIF), has signed five

Memorandums of Understanding (MoU) with Japanese financial

institutions worth up to an overall $51 billion, it said on

Thursday.

PIF inked MoUs with Mizuho Bank, Sumitomo Mitsui

Financial Group, MUFG Bank, JBIC, and Nippon

Export and Investment Insurance (NEXI), it said in a statement.

The deals aim to spur "two-way capital flows through both

debt and equity", among other things, it added.

The move adds to more MoUs signed by the $925 billion wealth

fund during the flagship Future Investment Initiative (FII)

event taking place this week in Riyadh and gathering some of the

world's financial titans.

The forum, which is headed by PIF's governor Yasir Al

Rumayyan, is an opportunity for Saudi Arabia to draw in foreign

investment to support the kingdom's massive economic overhaul

known as Vision 2030.

Earlier on Thursday, PIF and the Hong Kong Monetary

Authority said they were looking to jointly anchor a new fund

targeting $1 billion to invest in firms with an "Hong Kong

nexus" that are expanding to Saudi Arabia, with a focus on

sectors including manufacturing and renewables.

PIF also said on Wednesday that it had entered a non-binding

agreement to become an anchor investor in Brookfield Asset

Management's ( BAM ) new $2 billion Middle East-focused private

fund.

The investment platform, known as Brookfield Middle East

Partners, intends to focus on buyouts and structured solutions,

among other investment opportunities, with at least half of the

capital set to be invested in Saudi Arabia and in international

companies that are looking to expand in the Gulf country.