Saudi Arabia and US businesses have signed 13 investment agreements on the sidelines of American President Joe Biden to the Kingdom.
The business-to-business and government-to-business deals cover eight “promising sectors,” the Ministry of Investment of Saudi Arabia said, including energy, manufacturing, aerospace, healthcare, tourism, and education.
Saudi entities including the Royal Commission of Jubail and Yanbu signed deals with top US firms such as Boeing Aerospace, Raytheon Defense Industries, Medtronic and Digital Diagnostics, and IKVIA.
“Our relationship with US companies has continued to evolve and serve both countries as well,” Saudi investment minister Khalid Al Falih said.
He added: “As of today, more than 740 US companies are registered as foreign enterprises doing business in the Kingdom, employing over 67,000 people.
This happens on the back of the Kingdom’s massive plans to diversify its economy. Last year, Saudi Crown Prince Mohammed bin Salman announced the National Investment Strategy, aiming to attract $103.47 billion in foreign direct investments.
A huge part of the diversification strategy is to boost local industries, and ultimately raise the private sector’s contribution to Saudi Arabia’s gross domestic product.
Other agreements signed during Biden’s visit include the Artemis Accords between the Saudi Space Authority and NASA, which would allow both to jointly launch Mars and Moon explorations.
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