ABU DHABI, (Pakistan Point News - 17th Jan, 2019) Abu Dhabi Global Market, ADGM, and Saudi Arabian General Investment Authority, SAGIA, the foreign investment promotion agency for the Kingdom, have signed a Memorandum of Understanding, MoU, to promote investment, industry and trade cooperation between the UAE and Saudi Arabia.
The signing ceremony took place on Wednesday, at the Abu Dhabi Sustainability Finance Forum - an event hosted by ADGM during the Abu Dhabi Sustainability Week, ADSW.
The MoU, which was signed by Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, and Ibrahim Al Omar, Governor of SAGIA, aims to facilitate cooperation between the two countries to promote investment activities and further promote their business relations.
Through the MoU, the parties will support economic and commercial information exchange through trade and investment seminars; promote investment activities by hosting roadshows, forums and workshops to attract potential investors; and boost key industry sectors through joint initiatives.
Al Sayegh commented, "We are pleased to form this partnership with SAGIA and look forward to foster closer collaboration and explore investment opportunities to augment the growth and economic development of both countries. The agreement reinforces ADGM’s commitment to the UAE’s long-term sustainable growth and playing a part in supporting the well-being and development of the region."
Al Omar, in turn, noted, "Saudi Arabia is at the heart of the Arab world and sits at the crossroads of three continents. As such, we believe that regional cooperation within the middle East and North African region is essential to our economic development. The agreement with ADGM is a positive step forward in achieving growth in the region."
Saudi Arabia and the UAE are the GCC’s largest economies and have forged a deep alliance in recent years through various government initiatives, including the signing of the 'Strategy of Resolve' Declaration in 2018.
