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Japan’s MUFG Bank has signed an agreement with Saudi Arabian General Investment Authority (SAGIA) to promote Japanese investments in the kingdom.
Based on the new agreement, MUFG will focus on enhancing bilateral cooperation in new areas and support Japanese businesses and investors in the kingdom with a broader range of on-the-ground services, a statement from the bank said.
SAGIA’s focus is to oversee investment affairs in the kingdom, including foreign investments.
The Japanese seem to be keen on investing in Saudi Arabia’s tourism and entertainment sectors.
Avex, one of Japan’s top entertainment conglomerates, is planning to expand its business in Saudi, Arab News reported today.
“Avex, is planning to launch its own office in Saudi Arabia and start its own entertainment calendar for it,” Arab News quoted Muhannad Abanmy, general manager for entertainment infrastructure development at the Kingdom’s General Entertainment Authority, as saying.
MUFG Bank opened its office in Riyadh in October last year and is the first branch of a Japanese bank in Saudi Arabia to offer full banking services for corporate clients, including deposits, foreign exchange and settlements.
(Writing by Seban Scaria; Editing by Mily Chakrabarty)
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