Saudi Arabia and Kazakhstan sign 13 agreements

The Saudi Arabia’s Ministry of Investment (MISA) on Sunday hosted a senior delegation from Kazakhstan at the Saudi-Kazakh Investment Meeting, which culminated in 13 Memorandum of Understandings (MoUs) in sectors such as power, tourism, sports, agricultural products, pharma and other sectors. Media and financial services.

Signaling a growing global recognition of the investment opportunities available in various Saudi regions, the MoU demonstrated joint incentives to expand global power capabilities. The MoS included:

GTG investment agreement between the Ministry of Sports and the Kazakh Ministry of Culture and Sports to support the thriving sector;

Agreements between the Ministry of Media and the Ministry of Information and Social Development of Kazakhstan, as well as the Saudi Press Agency and the TV and Radio Complex of Kazakhstan for the exchange of information;

Cooperation agreements between Saudi Arabia’s Azlan & Bros Holding Group and several Kazakh partners controlling business activities such as meat exports; and a Memorandum of Understanding between the Saudi Stock Exchange Tadawul and Astana International Exchange Ltd.

Successful Meeting

The meeting was initiated by Saudi Arabia’s Investment Minister Khalid al-Falih and Kazakh President Kassym-Jomart Tokayev, who led a Kazakh delegation of business leaders and diplomats, including the Deputy Prime Minister of Kazakhstan and Minister of Foreign Affairs, Mukhtar Taleberdi.

The meeting included presentations by both Kazakh and Saudi entities. From Kazakhstan, Almasadam Satkaliyev, CEO of Sovereign Wealth Fund Samruk-Kazyana (JSC), proposed several joint pilot projects in technology and knowledge transfer and green technologies.

The Chief Financial Agent of the Government of Kazakhstan, Kanat Sharlapayev of Byterek National Management Holding, shared perspectives on how to support sustainable economic development in order to implement the country’s ambitious national goals.

On the Saudi side, Mohamed Abunaiyan, chairman of ACWA Power; Yousef Al Benyan, CEO of SABIC; Talal Al Khoraizi, Vice President of the Saudi National Bank; Ahmed Al Daqeel, CEO of Alrazhi International for Investment; and Shaf Al-Osaymi, Senior Director of Strategy Delivery Business Line at Madden, showcased their work and highlighted the areas of investment available in the Kingdom.

Representatives of Kazakh companies, chambers of commerce and trade associations participated in the event, participating in B2B and G2B meetings to explore mutually beneficial investment opportunities.

The partnership was forged at the Kazakhstan Tourism Forum held in April, where Kazakh travel companies signed cooperation agreements with Saudi tour operators; Also on the visit of Investment Minister Al-Falih to Kazakhstan in September.

The Kazakh Investment Meeting follows several successful events organized by MISA with investment counterparts from countries such as the United States, Italy, Greece, France and Thailand, resulting in cooperation and several MoUs to explore investment opportunities in several sectors. have increased.

Saudi Arabia has seen strong growth in foreign direct investment (FDI) in recent years as the Kingdom’s economic reforms have opened up a wide range of opportunities for international investors. Net FDI growth last year increased by an unprecedented 257.2%, with total inflows for this year at nearly $20 billion – the highest in a decade.