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24 October 2019
INVESTMENT

MUFG, SAGIA sign agreement to promote investment in the Kingdom

In October 2018, MUFG Bank opened its office in Riyadh, becoming the first branch of a Japanese bank in the country to offer full banking services for corporate clients, including deposits, foreign exchange and settlements.

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MUFG Bank has signed an agreement with the Saudi Arabian General Investment Authority (SAGIA) to promote Japanese investments in Saudi Arabia.

The agreement allows MUFG Bank to further enhance the bilateral cooperation in new areas and to work with SAGIA on promoting Japanese investments in the Kingdom as well as to provide a broader range of on-the-ground services to corporate clients.

The Japanese lender stated that the agreement is part of the framework for co-operation between SAGIA and MUFG Bank, which has been offering support to Japanese corporations and investors in Saudi Arabia since 2017 when the first framework between the two entities was signed.

SAGIA is working to create a business-friendly environment and foster foreign direct investment opportunities in the country as part of Saudi Arabia’s Vision 2030 economic transformation programme.


RELATED STORIES: SAUDI ARABIAN GENERAL INVESTMENT AUTHORITY MUFG BANK FDI VISION 2030

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