The Saudi Ministry of Investment (MISA) has signed 11 investment agreements with leading companies, detailed MISA’s Global Supply Chain Resilience Initiative and led central discussions at the Future Investment Initiative (FII6).
Minister of Investment Eng. Khalid Al-Falih was a lead participant at Saudi Arabia’s premier international investment forum, sharing global economic and investment perspectives alongside leading CEOs and government leaders and other experts from around the world.
MISA officials also provided further detail on the Global Supply Chain Resilience Initiative (GSCRI) launched October 23 to attract supply chains to Saudi Arabia in strategic sectors where the Kingdom has a competitive advantage. A central pillar of the National Investment Strategy launched a year ago, GSCRI aims to enable global investors to create low-risk, low-cost and low-carbon supply chains leveraging the Kingdom’s natural resources, strong logistics infrastructure and untapped potential. In its launch phase, the initiative aims to attract more than US$10bn of industrial and service investments in global supply chains to the Kingdom in its first two years.
MISA facilitated nearly a dozen investment agreements across aerospace, biotechnology, education and other sectors, illustrating sustained confidence in the Kingdom as a world-class investment destination.
Read more: GSCRI to position Saudi Arabia as key link in global supply chains
On the final day of FII6, MISA facilitated two agreements in the technology sector. An agreement was signed between the Royal Commission of AlUla and US technology mega-giant IBM, to help implement AlUla’s Smart City policy. MISA also signed an agreement with Brazilian tech company Ocellott, aimed at collaborating to develop an innovative propulsion battery system for future projects of electric vehicles.
Other international partners in these agreements included:
- US-based aerospace company Boeing and US space training company Orbite;
- US tech company IBM and Brazilian tech company Ocellott;
- US-based biotechnology companies Gingko and Illumina;
- Korea’s Taihan Cable & Solution;
- Paris-based ESSEC Business School and Education Platform Global School Management;
- Real estate and private equity firm SAFANAD and Brazilian financial company BTG Pactual; and
- Indian media and entertainment company Eros Media.
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During the Future Investment Initiative (FII6) MISA officials have participated in panel discussions over three-day period. Dr Sara Altair MD of Biotech and Pharma sector at MISA, took the stage at FII6 to share her perspective on the most fascinating biotech advancements fueling innovation in preventative care and personalized medicine.
MISA’s MD of the GSCRI Asaad Aljomoai also shared his perspective at the ‘Surviving Supply Chain Shocks’ session. On the last day of FII6 MISA’s MD of the Real Estate Sector Fahad Alhashim took the stage at Roshan panel to discuss how companies and governments can respond to constricted supply chains, along with other critical issues about economic sustainability & supply chain.
