Two major investments signed during day 1 of the Future Investment Initiative in Riyadh

Under the umbrella of Invest Saudi, an investment ceremony was led by HE Khalid Al-Falih, Minister of Investment, which saw the signing of two major agreements during Day 1 of the 8th edition of the Future Investment Initiative (FII) in Riyadh.

 Hassana Investment Company and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) signed a Memorandum of Understanding (MoU) to explore collaborative investment opportunities within the Kingdom of Saudi Arabia. The MoU sets the groundwork for strategic cooperation between the two entities, allowing them to investigate options for co-investment and asset transfers in areas such as private equity, infrastructure, and real estate.

 Saudi investment firm Beta Lab launched a $300-million fund in partnership with the Ministry of Investment of Saudi Arabia (MISA), the Research, Development, and Innovation Authority (RDIA), Hong Kong Science and Technology Park (HKSTP), and Telkom Indonesia. These strategic partnerships highlight the commitment to fostering cross-border innovation and collaboration between two of the world’s most dynamic emerging markets.

 This initiative also aims to bolster a resilient technology landscape in MENA and Southeast Asia, particularly between Saudi Arabia and Indonesia, in alignment with the objectives of Saudi Vision 2030. By emphasizing research and development, the fund is poised to create high-value jobs and stimulate economic growth. This initiative underscores a mutual commitment to advancing technology and sustainability while fostering cross-border collaborations that expand investment opportunities.

 The Ministry of Investment (MISA) has been actively involved in FII8, with MISA hosting a workshop on opportunities in the Kingdom’s financial sector and senior executives, including HE the Minister of Investment, speaking on key panels on the conference’s main plenary as well as at high-level summits on Middle East-Africa relations and female economic empowerment.

 The Kingdom’s growth in venture capital has come alongside a broader expansion in investment. Gross fixed capital formation has grown nearly 75% since 2017 to $297bn in 2023, while FDI inflows have trebled to $26-billion over the same period, meaning both measures are ahead of the targets established in the Kingdom’s National Investment Strategy.

 This growth has in part been driven by a number of pro-business measures in recent years, including the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law, Special Economic Zones and most recently an Updated Investment Law.