Saudi Arabia signs four investment deals at FII to enhance residents’ quality of life

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Saudi Arabia’s Ministry of Investment signed four new agreements on the sidelines of the Future Investment Initiative (FII6) conference to enhance Saudi residents’ quality of life, the official Saudi Press Agency reported on Thursday.

The ministry signed two investment agreements with world-renowned education providers and a Memorandum of Understanding (MoU) to boost its burgeoning SME ecosystem.

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An agreement was signed with the prestigious Paris-based ESSEC Business School to collaborate with the Kingdom’s tourism ministry in order to provide human capability development programs at their campus in Paris. It also signed a collaboration agreement with the King Abdulaziz and King Saud Universities for a student exchange program.

Also, another agreement was signed with global real estate private equity firm SAFANAD and education platform Global School Management to provide an investment worth $200 million which will be injected into the education sector.

In addition, the King Abdulaziz City for Science and Technology and US biotech company Illumina signed an MoU to set up a genome training program, support the development of the Kingdom’s genomic databases and research activities, as well as to establish an accelerator hub for SMEs in which specialize in genomics.

Entrepreneurship and education are key areas of focus under the Kingdom’s Vision 2030 – a transformative economic and social reform blueprint launched and initiated by Crown Prince Mohammed bin Salman in 2016.

In addition to the education sector agreements, the ministry also signed a deal with global Indian media and entertainment company Eros Media for an investment of $100 million in film and entertainment content production.

“The agreements signed today illustrate sustained confidence in the Kingdom as a world-class investment destination, one of the key goals of the National Investment Strategy launched a year ago,” the SPA report stated.

A core part of the strategy is the Global Supply Chain Resilience Initiative, launched on Sunday, which aims to enable global investors to create “low-risk, low-cost and low-carbon supply chains” while leveraging Saudi Arabia’s natural resources, strong logistics infrastructure and untapped potential, SPA reported.

The initiative aims to initially attract more than $10 billion in investments across the Kingdom’s global supply chains.

Held under the theme ‘Investing in Humanity: Enabling a New Global Order,’ the sixth edition of the FII conference kicked off on Tuesday. The event, which is expected to run until Thursday, brought together experts from various industries to discuss pressing global issues and facilitate the signing of new agreements to initiate investments in key industries.

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