The Ministry of Investment signed two investment agreements with world-class educational institutions, and another one to strengthen the SME ecosystem, demonstrating the importance of human capital innovation in Vision 2030.
RIYADH, Kingdom of Saudi Arabia, October 25, 2022: On the sidelines of the sixth edition of the Future Investment Initiative, the Saudi Ministry of Investment signed four investment agreements in the education, entertainment, and biotechnology sectors.
The signed agreements showcase the Kingdom's commitment to transforming the quality of life Kingdom, coupled with investors' recognition of the vast opportunities available.
The Ministry of Investment signed three agreements with world-class institutions in the education and SMEs sectors:
• An agreement with the prestigious ESSEC Business School in Paris to collaborate with the Ministry of Tourism in providing human capacity development programs at their university campuses in Paris, and a student exchange agreement with King Abdulaziz and King Saud Universities; and
• An investment agreement with the global real estate company, and private equity firm SAFANAD and the educational platform Global School Management in the education sector; and
• An agreement between King Abdulaziz City for Science and Technology and the American biotechnology company Illumina to set-up a genome training program, establish an acceleration hub
for SMEs in the genomic industry, and support the development of genomic databases and research activities.
Education and entrepreneurship are central sectors to Vision 2030, as Saudi Arabia having the region's largest education market. The private sector investment in human capital and innovation is unparalleled opportunity across the region, and as part of the 2030 Vision Realization Programs, the Kingdom has prioritized human capital development by launching the Human Capital Development Program.
The Ministry of Investment has also signed an agreement with global Indian media and entertainment company Eros Media to invest in the production of films and entertainment content.
The agreements signed today show the Kingdom's sustained confidence as a world-class investment destination, one of the key goals of the National Investment Strategy launched a year ago.
As core component of the strategy, the Global Supply Chain Resilience Initiative aims to help global investors build low-risk, low-cost and low-carbon supply chains that capitalize on the Kingdom's natural resources, strong logistical infrastructure, and untapped potential. In its first two years, the initiative is expected to attract more than $10 billion investments to the Kingdom in service and industrial global supply chains.
Saudi Arabia has seen strong growth in foreign direct investment (FDI) in recent years as the kingdom's economic reforms have unlocked a wide range of opportunities for international investors. Saudi Arabia is expected to be the fastest growing G-20 economy this year, due in part to sweeping bro-business reforms, according to the International Monetary Fund.
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