The Ministry of Investment of Saudi Arabia (MISA) signed 11 investment agreements on the sidelines of the sixth Future Investment Initiative (FII6) event.
MISA officials provided further detail on the Global Supply Chain Resilience Initiative (GSCRI) launched 23 October to attract supply chains to Saudi Arabia.
GSCRI aims to enable global investors to create low-risk, low-cost and low-carbon supply chains leveraging Saudi Arabia’s resources.
In its launch phase, the initiative aims to attract more than $10bn of industrial and service investments in global supply chains to the nation in its first two years.
READ: Saudi Ports surpass 650,000 TEU mark in September
MISA facilitated 11 agreements across aerospace, biotechnology, education and other sectors.
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;
• Indian media and entertainment company Eros Media.