Saudi Investment Ministry inks agreements with global firms

Logo of Ministry of Investment

Saudi Arabia’s Ministry of Investment announced, on Oct. 26, signed a number of agreements with global companies on the sidelines of the Future Investment Initiative (FII) in Riyadh, the ministry said in a tweet.

The ministry sealed a deal with Korea’s Taihan Cable and Solution to set up a new, extra-high voltage cable and copper rod factory.

It also signed another deal with the Brazilian financial company BTG Pactual, one of Latin America’s largest investment banks, to establish a regional headquarters in Riyadh.

The ministry further linked up with Boston-based plane maker Boeing and a local advanced metals maker to strengthen the Kingdom’s position in global value chains.

The ministry concluded a memorandum of understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) and US biotechnology company Illumina to set up a genome training program, establish an accelerator hub for SMEs in the genomics industry and support the development of genomic databases and research activities.

The ministry will support Illumina by managing relations with the competent government authorities concerned with strategic decision making in the healthcare sector. At the same time, KACST will explore options for establishing the company’s operations across the Kingdom.

In addition, the Ministry of Investment inked an agreement with the Paris-based ESSEC Business School to collaborate with the Ministry of Tourism in providing human capability development programs at their campus in Paris, which is a collaboration agreement with the King Abdulaziz and King Saud Universities for a student exchange program. It also inked an investment agreement with global real estate and private equity firm SAFANAD and education platform Global School Management in the education sector.

In the aerospace sector, the ministry signed another deal with US space training company Orbite to develop investment opportunities in space tourism and entertainment.

Additionally, the ministry signed an agreement with the global Indian media and entertainment company Eros Media for investment in film and entertainment content production.