KSA, UK Co-Sign MoUs

Minister of Investment Eng. Khalid Al-Falih has participated, in the Saudi-British round table session, to discuss green finance, in the presence of the British Minister of State for Investment Lord Gerry Grimstone, on the sidelines of the 5th Investment Future Forum.

The session discussed ways to empower the two countries through public and private sector institutions, on how to transform the economy to be more sustainable, as the Kingdom of Saudi Arabia has launched the Green Saudi Initiative, and reiterated commitment to reach carbon neutrality by 2060, which shows the KSA commitment to climate and sustainability issues and providing an appropriate environment for investors.

The session also discussed ways to enhance and identify sustainable investment opportunities in the Saudi Arabia, and how to support institutions, government agencies and the private sector, in issues related to the climate change and the environmental, social and governance agenda, to reach carbon neutrality, while ensuring the ability of investors to play a role in the future.

The session concluded with the signing of a memorandum of understanding between the Government of the Kingdom of Saudi Arabia, represented by the Ministry of Investment, and the Government of the United Kingdom of Great Britain and Northern Ireland, represented by the International Trade Commission.

The memo aims to encourage direct investment by supporting and growing investments between the two countries, in several ways, including facilitating the establishment, expansion and encouragement of Saudi companies, in the United Kingdom, as well as facilitating the establishment, expansion and encouragement of United Kingdom companies, in Saudi Arabia, through the International Trade Commission of the United Kingdom and the Ministry of Investment, in Saudi Arabia.

It also aims to enhance cooperation opportunities, in the fields of direct investment, in the two countries, through exchanging visits and experiences, and exchanging rules and regulations related to direct investment opportunities, and developments, in the investment environment, in the two countries.

Another memo was signed between the Ministry of Investment and HSBC to promote sustainable investment and build a system of partners, in the areas of sustainability and environmental, social and institutional governance, which would exchange information and ideas on sustainable investment issues.