Abu Dhabi- UAE: Saudi Arabian General Investment Authority (SAGIA), the foreign investment promotion agency for the Kingdom and Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, have signed a Memorandum of Understanding (MoU) to promote investment, industry and trade cooperation between Saudi Arabia and the United Arab Emirates (UAE). The signing ceremony took place on Wednesday, January 16 at the Abu Dhabi Sustainability Finance Forum, an event hosted by ADGM during the Abu Dhabi Sustainability Week.
The MoU, signed by H.E. Ibrahim Al Omar, the Governor of SAGIA and H.E Ahmed Ali Al Sayegh, Minister of State (UAE), and Chairman of Abu Dhabi Global Market aims to facilitate cooperation between the two countries to promote investment activities and further promote their business relations. Through the agreement, the two parties will support economic and commercial information exchange through trade and investment seminars; promote investment activities by hosting roadshows, forums and workshops to attract potential investors; and boost key industry sectors through joint initiatives.
Commenting on the new agreement, H.E Ahmed Ali Al Sayegh, Minister of State (UAE), and Chairman of Abu Dhabi Global Market said: “We are pleased to form this partnership with Saudi Arabian General Investment Authority and look forward to foster closer collaboration and explore investment opportunities to augment the growth and economic development of both countries. The agreement reinforces ADGM’s commitment to the UAE’s long-term sustainable growth and playing a part in supporting the well-being and development of the region.”
H.E. Ibrahim Al Omar, the Governor of SAGIA, remarked, “Saudi Arabia is at the heart of the Arab world and sits at the crossroads of three continents. As such, we believe that regional cooperation within the Middle East and North African region is essential to our economic development. The agreement with Abu Dhabi Global Market is a positive step forward in achieving growth in the region.”
Saudi Arabia and the UAE are the GCC’s largest economies and have forged a deep alliance in recent years through various government initiatives, including the signing of the “Strategy of Resolve” Declaration in 2018. The MoU will allow SAGIA and ADGM to work closely to facilitate cooperation between the two countries, supporting the Saudi 2030 Vision and UAE Vision 2021.
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
Source : The Global Investor Middle East and North Africa (MENA) Awards
About SAGIA, The Saudi Arabia General Investment Authority
Saudi Arabian General Investment Authority (SAGIA) is responsible for following up and assessing investment performance, alleviating the difficulties encountered by investors, conducting studies and research, and drafting executive plans to stimulate local investments. SAGIA aims to sustain inward investment in Saudi Arabia by helping to attract foreign investments to serve the diversification of the
Saudi economy. SAGIA utilizes its capacities in order to improve the investment climate and enhance support structures. It also seeks to elevate services through its human resources, effective partnerships, and continuous interaction with investors.
Five strategic objectives been developed and every strategic objective has its own KPI’s to help SAGIA reach their targets. The strategic objective are: attract and expand high value investments, actively market "INVEST SAUDI" brand, play a leading role in improving the business environment, promote and develop a customer-centric ecosystem, and pursue institutional excellence.
Vision 2030 played a key role in identifying the nine priority sectors, in which SAGIA is targeting to attract foreign investment in to the Kingdom of Saudi Arabia. They are Chemicals, Information & Technology, Energy & Water, Industrial & Manufacturing, Mining & Metals, Healthcare & Life Sciences, Transport & Logistics, Tourism, Culture & Entertainment, and Emerging Sectors.
In short, SAGIA’s ambition is to place Saudi Arabia among the top performing markets for investments.
For more details of SAGIA, please visit www.SAGIA.gov.sa or
Follow us on Twitter: @SAGIAgov and Linkedin: SAGIA
For further enquiries, please contact:
Rawand AlQadi
Rawand.alqadi@adgm.com
Mobile: 0561779653
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