Saudi, US companies sign 36 MoUs, deals worth $20 bln

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The second Saudi-US CEO Forum began on Tuesday with more than 200 prominent Saudi and American businessmen and a number of ministers and officials from both countries gathered to establish new partnerships, strengthen economic ties and promote bilateral trade.

Participants reviewed agreements concluded between the two sides aimed at implementing Saudi Vision 2030 launched by Crown Prince Mohammed bin Salman.

Under the Saudi Vision 2030 plans and projects, and in the context of promoting investment between the two countries, the Saudi-US CEO Forum witnessed the signing of 36 memorandums of understandings between several companies worth more than $20 bln.

MoUs signed include new partnerships in various sectors including healthcare, manufacturing, entertainment, education and ICT. Among the most prominent were:

• A partnership between Saudi Aramco and Google focusing on cloud services and other technological opportunities.

• A five-year initiative between King Abdulaziz Center for World Culture and National Geographic.

• A partnership between Aramco and Raytheon to establish national Internet security services.

• MoU between Saudi Industrial Development Fund (SIDF) and JP Morgan to discuss cooperation in industrial finance in Saudi Arabia.

• A partnership between Al-Rasheed International and SOS to provide medical services in the Kingdom with emphasis on clinics in remote areas.

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