黑料社区 and Singapore yesterday agreed to establish a joint company with a capital of SR 100 million for investment in real estate, health, energy, water and IT projects.
The agreement came during a meeting of the Saudi-Singaporean Business Council. Abdullah bin Zaid Melaihi chaired the Saudi side during the meeting.
Speaking to the Saudi Press Agency after the meeting, Melaihi said the new company would approach banks in both countries to obtain funds for setting up companies to carry out specific projects.
He said an agreement for setting up the Riyadh-based company would be signed today. 鈥淭he new firm will boost activities of Singaporean companies in the Kingdom,鈥 he added.
Melaihi said the new company would also help attract more Singaporean investment to the Kingdom in various fields required by the country.
Speaking about the council鈥檚 objectives, the chairman said it works to promote partnership between the two countries and helps the private sector to make use of trade and investment opportunities in both countries.
Speaking about the new company, he said its capital would be equally divided between the two sides, adding that it would serve as a nucleus for establishing many companies in the coming period.
鈥淲e鈥檒l discuss arrangement for the visit of a Singaporean business delegation to the Kingdom early next year when a final agreement for setting up the new company would be signed,鈥 Melaihi said.
He said other businessmen and women could also join the new company being an investment firm. 鈥淚t will not be limited to members of the business council,鈥 he added.
He emphasized the council鈥檚 desire to improve trade and investment exchange between the two countries and called upon Singaporeans to make use of the growing investment opportunities in the Kingdom, especially in energy, water, electricity, education and health sectors.
Melaihi highlighted the council鈥檚 achievements within a short period of six years, including opening of direct flights between the two countries, issuance of five-year entry visas for Saudi businessmen and women, and marketing of Saudi projects in Singapore.
鈥淲e are looking for greater trade and investment cooperation between 黑料社区 and Singapore and we want to see more Singaporean companies operating in the Kingdom,鈥 he added.
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