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Thu 21 Feb 2019 10:48 AM

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Saudi Arabia signs investment agreements worth $28m in India

The number of Saudi licenses issued to Indian businesses grew by 181% in 2018.

Saudi Arabia signs investment agreements worth $28m in India
Exchange of MoU files between Saudi Arabias Minister of Energy, Industry, and Mineral Resources, Khalid bin Abdulaziz Al-Falih and External Affairs Minister Sushma Swaraj.

The Saudi Arabian General Investment Authority (SAGIA) has signed four investment agreements in India worth more than $28 million at the Saudi-India Forum in New Delhi, it announced on Wednesday.

Additionally, SAGIA announced that it signed 11 memorandums of understanding (MOUs) aimed at boosting collaboration among government entities and Indian private sector firms in a number of sectors.

Among the entities that signed MOUs were Saudi Arabia’s Ministry of Communications and Information Technology, the General Entertainment Authority and the National Industrial Clusters Development Programme.

The agreements were signed with Indian firms such as Tata Consultancy, Wipro, Glenmark and Ion Exchange.

“Saudi Arabia is open for business and we are delighted to announce the licenses and MOUs signed at the Saudi-India Forum,” said SAGIA governor Ibrahim Al-Omar.

“Since the launch of Vision 2030, we have been working across the government to enhance regulations and streamline processes for investors, and as a result we are attracting an increasing number of Indian businesses to explore mutually beneficial growth opportunities.”

According to Al-Omar, the number of SAGIA licenses issued to Indian businesses grew by 181 percent in 2018.

“The agreements signed today are indicative of the interest among Indian businesses to take advantage of these opportunities,” he added. “We look forward to continuing to build even stronger ties in the months and years to come.”

On Wednesday, Saudi Crown Prince Mohammed bin Salman said he hopes that investment opportunities for Saudi Arabia in India could exceed $100 billion over the next two years.

Arabian Business digital magazine: read the latest edition online