Investment Ministry says MoU with Amazon aims to explore investment opportunities

Signing ceremony

Saudi Arabia's Ministry of Investment said that the memorandum of understanding (MoU) signed with US retail giant Amazon is aimed to explore and support promising investment opportunities and develop e-commerce.

The MoU also targets addressing the main challenges, creating job opportunities across the Kingdom, as well as adopting Amazon's global practices and benefitting from its expertise, the ministry said in a tweet.

Among the goals of the MoU are building local capacities and achieving the accelerated transition towards the fourth industrial revolution, in addition to enabling investors through providing facilities and flexibility in licensing procedures, and bringing sustainable investment techniques and practices to the Kingdom, it explained.

The ministry also stated that the MoU is aimed to contribute to achieving the Kingdom's Vision 2030, by boosting the contribution of e-commerce to 80% in the retail sector, and increasing the percentage of online payments to 70% by 2030.