Saudi Arabia signs 5 agreements in aerospace, tech & finance sectors

By Shilpa Annie Joseph, Official Reporter
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Saudi signs five deals
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The Ministry of Investment of Saudi Arabia (MISA) has signed five investment agreements in the aerospace, technology, and finance sectors, demonstrating the kingdom’s emerging positioning in global value chains.

The agreements were signed on the sidelines of the Future Investment Initiative in Riyadh. MISA signed two of the agreements in the aerospace sector, demonstrating the Kingdom’s emerging positioning in this strategic industry.

The ministry signed an agreement with Boston-based plane maker Boeing and local advanced metals maker Tasnee to advance the Kingdom’s aerospace industry value chain. It also signed a pact with the US space training company Orbite to develop investment opportunities in space tourism and entertainment.

Saudi Arabia aims to localize nearly 50 percent of the aerospace and defense sector’s expenditure by 2030, as per the statement.

The ministry also signed two agreements in the technology and finance sectors. It joined forces with the US biotech company Ginkgo Bioworks to expand biotechnology capabilities in the Kingdom by implementing innovative public health technologies, establishing synthetic biology support for public health, and providing other tools training, and data infrastructure.

Further, it signed an agreement with Korea’s Taihan Cable and Solution to set up a new, extra-high voltage cable and copper rod factory. The ministry also signed a deal with Brazilian financial company BTG Pactual, one of the Latin America’s largest investment banks, to establish a regional headquarters in Riyadh.

“The agreements signed illustrate sustained confidence in the Kingdom as a world-class investment destination, one of the key goals of the National Investment Strategy (NIS) launched a year ago,” as per the statement.

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