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Saudi Ministry of Investment Signs 3 MoUs at FII7

The MoUs were signed in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih. SPA
The MoUs were signed in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih. SPA
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Saudi Ministry of Investment Signs 3 MoUs at FII7

The MoUs were signed in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih. SPA
The MoUs were signed in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih. SPA

The Saudi Ministry of Investment has signed three memoranda of understanding (MoU) in the fields of biotechnology, medicine, financial services, education and training on the sidelines of the seventh edition of the Future of Investment Initiative Conference.

The MoUs were signed in the presence of Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih.

The MoUs related to the biotechnology and pharmaceutical sectors aim to explore, develop, manufacture and market a range of potential new medicines in neurology, neuropsychiatry, specialized immunology and rare diseases.

The MoU of the financial services sector aims to provide an opportunity for investors to invest directly in key projects in line with the Saudi Vision 2030 and broader economic development initiatives in the Kingdom.

In the education and training sector, the MoU promotes cooperation in education at all levels and strengthens the capacity of teachers through professional development programs and investment in ancillary services.

With support from the Ministry of Investment, King Faisal Specialized Hospital and the Research Center have signed an MoU in entrepreneurship and innovation. Furthermore, AlMadar AlUla for Engineering Consultancy signed an MoU in the engineering consulting sector.

The Ministry of Investment is taking part in the exhibition accompanying the FII7 conference, highlighting aspects of the development of the business environment in the Kingdom to reflect the Kingdom's aspiration towards economic openness to attract investments, facilitate access for investors seeking investment opportunities, introduce investment opportunities and enhance investment sustainability in various sectors.

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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.