Saudi Arabia jointly hosts Saudi-UK Green finance roundtable at FII and signs agreements with key new partners

Saudi Arabia's Ministry of Investment yesterday hosted a roundtable with the United Kingdom's Department for International Trade to showcase how both countries are making their economies more sustainable

  
Saudi Arabia jointly hosts Saudi-UK Green finance roundtable at FII and signs agreements with key new partners
  • During the roundtable, both parties signed a Memorandum of Understanding to recognize and promote direct investment between the two countries
  • The Ministry also signed a Memorandum of Understanding with HSBC to identify and promote sustainable investment opportunities for the Kingdom

Riyadh, Saudi Arabia:– His Excellency Khalid Al Falih, Minister of Investment for Saudi Arabia, yesterday hosted a green finance roundtable at the Future Investment Initiative Summit (FII) in partnership with the United Kingdom’s Minister for Investment, Lord Gerry Grimstone, aimed at showcasing how both countries are making their economies more sustainable.

While highlighting both countries’ green credentials, the event sought to ensure continued dialogue between private sector participants and public sector policy makers, to understand the challenges of the ESG ecosystem and facilitate investment flows.

Recognizing the key role that UK financial institutions have played in the development of Saudi Arabia’s financial ecosystem, the forum followed the announcement of the Saudi Green Initiative and the National Investment Strategy, in which sustainable energy and finance play an important role.

From the UK, attendance at the event included Sami Neffati, Managing Partner of Aberdeen Standard Investment Investcorp; Achal Bhuwania, Deputy Chief Investment Officer of Equitix; Noel Quinn, CEO of HSBC; and Julia Hoggett, CEO of the London Stock Exchange. Attendees from Saudi Arabia included Fahad Al-Saif, Senior Managing Director of the Public Investment Fund; Ammar A. Al-Kudairy, Chairman of the Board of SNB; HE Ayman bin Mohammed Al-Sayari, Vice Governor of the Saudi Central Bank (SAMA); and Mohammed Sulaiman Al-Jasser, President of the Islamic Development Bank.

Marking the next step in Saudi-UK relations, the event culminated in the signing of a Memorandum of Understanding between Saudi Arabia’s Ministry of Investment (MISA), and the UK’s Department for International Trade, aimed at protecting and promoting direct investment between the two countries.

MISA also signed a Memorandum of Understanding with HSBC to identify and promote sustainable investment opportunities in the Kingdom while supporting public and private sector entities in climate transition and the broad Environmental, Social and Governance agenda. The MoU marks an important step for both parties in meeting their net zero goals, while ensuring that future investors can play their part.

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