Saudi Arabia, UK Sign MoU to Promote Investment
Riyadh, Rabi Al-Awwal 22, 1443 - Oct. 28, 2021, SPA-- HE Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih meet yesterday with the British Minister of Investment Lord Gerry Grimstone at the Saudi-UK roundtable session to discuss the green finance, on the sidelines of the 5th Future Investment Initiative (FII).
The roundtable session touched on ways to empower the two countries through public and private sector organizations on the transformation towards a more sustainable economy, pointing out to the launch of the Saudi Green Initiative (SGI) and the Kingdom’s commitment to go carbon neutral by 2060, which demonstrates Saudi Arabia's duty towards climate change and sustainability, and its keenness to create an appropriate environment for investors.
The session also discussed ways to boost and identify sustainable investment opportunities within the Kingdom, as well as the means to support the government institutions and agencies and the private sector on climate transformation and environmental, social and governance (ESG) agenda to pursue carbon neutrality, while ensuring the investors’ ability to be part of the future.
The session was concluded by signing a memorandum of understanding (MOU) between the Kingdom of Saudi Arabia, represented by MISA; and the United Kingdom of Great Britain and Northern Ireland, represented by the Department for International Trade (DIT).
The MoU aims to promote direct investment by supporting and growing investments between the two countries in several ways, including facilitating, expanding, and encouraging the establishment of Saudi companies in the United Kingdom; as well as facilitating, expanding, and encouraging the establishment of UK companies in Saudi Arabia through the UK DIT and MISA.
It also aims to enhance bilateral cooperation opportunities in areas of direct investment through exchanging visits and expertise, and rules and regulations on direct investment opportunities and development of the investment environment within both countries.
MISA and HSBC have also signed MOU to boost sustainable investing and build an ecosystem for sustainability and ESG partnerships, through which information and ideas on sustainable investing can be exchanged.
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