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UAE, Indonesia Sign Agreements, MoUs

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
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UAE, Indonesia Sign Agreements, MoUs

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met Indonesian President Joko Widodo. (WAM)

The UAE and Indonesia signed several agreements and memoranda of understanding (MoU) in key sectors, such as diplomatic cooperation, digital financial innovation, and mutual recognition of certificates of seafarers' competency.

Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister and Ruler of Dubai witnessed with Indonesian President Joko Widodo the exchange of a series of MoUs and agreements between the two countries for cooperation in financial services, investment, travel, and energy, and the avoidance of double taxation.

The two countries also exchanged documents of ratification of the Agreement for Promotion and Reciprocal Protection of Investment, the revised Double Taxation Avoidance Agreement, and the amendment of the Safe Travel Corridor.

Abu Dhabi Fund for Development signed an investment agreement with Indonesia Investment Authority (IIA).

Sheikh Mohammed stressed his country's aspiration to push forward the partnership within various sectors that support the development trends in the two countries.

Sheikh Mohammed said he hoped cooperation between the nations would increase, adding on his Twitter account: "The value of our trade with them was Dh7billion in 2020, and we want to double our cooperation with them as a strategic partner to reach new heights."

The two parties discussed ways to develop their bilateral partnership given the strong relations that bring them together at various political, economic, and cultural levels.

The bilateral cooperation ties witnessed a remarkable development during the past period, supported by mutual visits at the leadership and senior officials.

UAE and Indonesian leaderships aim to take their partnership to higher levels of coordination and constructive interaction that serve the interests of the two peoples and support the ambitious development directions of both sides.

The meeting also addressed enhancing bilateral cooperation within various economic and technical sectors, including trade exchange which grew during the past few years.

UAE's non-oil foreign trade with Indonesia reached $2 billion during 2020. The total non-oil trade exchanges between the two countries exceeded $11 billion in the last five years.

The two sides discussed issues of mutual interests and ways to boost bilateral cooperation.

The discussions also highlighted the importance of offering Indonesia and UAE private sectors opportunities to explore investment in both countries and launch joint companies.

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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)

Saudi Arabia has tripled its foreign investment inflows and increased the number of investors tenfold since the launch of Vision 2030. More than 1,200 international investors have also obtained premium residency in the Kingdom.

These figures were revealed by Minister of Investment Khalid Al-Falih during the 28th Global Investment Conference, held in Riyadh on Monday under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Al-Falih emphasized that premium residency is a key enabler for attracting foreign investment, as it simplifies procedures for investors and enhances their ability to seize the opportunities available in Saudi Arabia, solidifying the Kingdom’s position as a global investment hub. Residency holders, he noted, are treated as if they were in their home countries.

Since the introduction of Vision 2030, investment inflows have tripled, and the GDP has grown by 70%, reaching $1.1 trillion—half of which comes from non-oil sectors, he continued.

Al-Falih also stressed the immense opportunities in areas such as digital infrastructure and research-driven economic growth. He identified sustainability and circular carbon economy projects as key focus areas for future investment.

He acknowledged the geopolitical risks and labor shortages that pose challenges to investment. However, he projected that the Global South is poised to attract half of global financial flows by 2025.

The minister went on to say that hosting the Global Investment Conference in Riyadh provides Saudi Arabia with a platform to present its strategic vision to international partners and highlight its status as a trusted partner in sustainable economic growth.

Nivruti Rai, Managing Director and CEO of Invest India and President of the World Association of Investment Promotion Agencies (WAIPA), underscored the importance of international collaboration in achieving sustainable growth and digital transformation. She lauded Vision 2030 as a model for economic and social progress, underlining the role of technology, education, and tourism in driving development.

The world has consumed nearly 2.5 trillion metric tons of greenhouse gas emissions, leaving only 500–700 billion metric tons for sustainable use, she noted, while underscoring the need for countries like Saudi Arabia and India to lead innovation in renewable energy sources such as solar, wind and green hydrogen.

Saudi Arabia’s commitment to innovation in energy and water was also commended, with Rai describing mega projects like NEOM as a “dream come true” and a leading example of integrating technology and sustainability to improve quality of life.

During a panel discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim revealed that investment and fixed capital now constitute 25% of the GDP. He noted that Vision 2030 has unlocked vast opportunities in previously untapped sectors, including mining, tourism, culture, and entertainment, significantly contributing to the Kingdom’s non-oil growth.

Al-Ibrahim stressed the importance of adopting advanced technologies in renewable energy, green hydrogen, defense, education, and healthcare.

He stressed Saudi Arabia’s role as a central platform for accessing new markets and boosting global economic stability through continuous innovation.

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib highlighted the importance of Saudi-Egyptian cooperation and sound policy adoption to attract investments in promising sectors.

Saudi investments in Egypt would significantly contribute to fostering a favorable investment climate, he said.

Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis discussed Greece’s focus on attracting investments in gas, including talks with Saudi Arabia and other nations, to access European markets.

The Invest in Saudi Arabia platform organized the three-day Global Investment Conference from November 25 to 27 in collaboration with WAIPA. This major event brings together global leaders, investors, and stakeholders to explore opportunities in sustainable growth and digital transformation, aiming to diversify and enhance global investment strategies.