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30 October 2019
BUSINESS

Saudi Arabia signs $15 billion deals on the opening day of FII forum

The Future Investment Initiative conference, which is now in its third year, aims to attract foreign investment into the Kingdom.

Kingdom Tower/Bloomberg


The Saudi Arabian General Investment Authority (SAGIA) said that the Kingdom has signed 23 agreements worth $15 billion dollars at the Future Investment Initiative (FII) forum.

SAGIA stated that the agreements include a $120 million investment deal between SAGIA and BRF Brazil Foods as well as a $700 million investment deal between SAGIA and Modular Middle East, both aimed at developing operations within Saudi Arabia.

The number of business licences granted to foreign investors from July to September 2019 was the highest since 2010, 809 new foreign companies set up in Saudi Arabia, a 30 per cent increase on the same period last year, said SAGIA.

Ibrahim Al-Omar, the Governor of SAGIA, said that as the Kingdom welcomes investors and decisionmakers from across the globe to this annual global investment platform, the agreements exchanged reflect the strength and diversity of the economy.

SAGIA also signed a $200 million agreement with Shiloh Minerals through which the British company will develop its production capacity and invest in upstream mining in Saudi Arabia.

Additionally, Saudi Aramco topped the list on deals by value and the transactions between the state-energy giant and its global partners include a $1 billion deal with Spanish pipeline company Tubacex.

According to a local daily, there were also deals between Saudi entities and American, Brazilian and Norwegian companies.

 


RELATED STORIES: Saudi Arabian General Investment Authority Saudi Aramco


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