By Innovation-sa on March 29, 2018 in News

The second annual Saudi-US CEO Forum, which brought together more than 200 eminent business leaders from the Kingdom and the US for a day of formal presentations, panel discussions, and trade and cultural shows, concluded successfully and resulted in the signing of 36 MoUs worth more than $20 billion.

The annual forum brings forth discussions on mutual investment opportunities and contributes to strengthening economic ties, promoting bilateral trade and expanding awareness between Saudi Arabia and the US.

The MoUs inked between the two countries in line with various social and economic reforms undertaken by Saudi Arabia to achieve Vision 2030, calls for new partnerships in health care, manufacturing, entertainment, education and information technology sector.

Among the 36 memoranda, noteworthy MoUs include an Aramco-Google partnership focussing on cloud services and other technological opportunities, an Aramco-Raytheon partnership to establish national cyber security services, a five-year initiative between King Abdulaziz Center for World Culture and National Geographic to boost creativity and entertainment in the Kingdom, a collaboration between Saudi Industrial Development Fund (SIDF) and JP Morgan to discuss cooperation in industrial finance in Saudi Arabia and a partnership between Al-Rasheed International and SOS to provide medical services in the Kingdom with a focus on clinics in remote areas.

In another development following the CEO Forum, Saudi Arabia’s General Investment Authority (SAGIA) confirmed that it has granted licenses to 13 American companies to invest in the Kingdom.

The Governor of SAGIA, Eng. Ibrahim bin Abdurrahman Al-Omar, said in a statement that these licenses came within the framework of the Kingdom’s endeavor to motivate the global pioneering companies to pump more investments in accordance with the Kingdom’s Vision 2030 and to enhance the competitiveness of the investment environment in the Kingdom.