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 SIDF Signs MoU with SMBC That Aims to Boost Japanese Investment

On Monday 17th of June 2019, the Saudi Industrial Development Fund (SIDF) has signed a Memorandum of Understanding (MoU) with Sumitomo Mitsui Banking Corporation (SMBC). The signing ceremony, held in Tokyo, Japan, was attended by Dr. Ibrahim Saad Al Mojel, Director General of SIDF and Mr. Masahiko Oshima, Deputy President of SMBC.


The purpose of the MoU that was signed by Mr. Abdulaziz Abdullah Alzaid, Advisor to Director General, SIDF and Mr. Testuro Imaeda, Head of Europe, Middle East and Africa from SMBC, is to facilitate further cooperation between SIDF and SMBC on financing and supporting SMBC customers' expansion in the Kingdom of Saudi Arabia, while also striving to meet the ambitions of Saudi-Japan Vision 2030, launched in 2017. Under the MoU, SMBC intends to establish a strong relationship with SIDF and continuous to provide business solutions that address the diverse business needs of its clients within the Kingdom as this agreement opens the door for further investment from the Japanese market.


"We are delighted to sign this MoU with our new partners SMBC. As SIDF is going through a major transformation, partnering with a banking corporations such as SMBC, one of the top leading project financing banks in the world, would add a lot of value to support SIDF in achieving its ambitious plans to enable investors by contributing in creating an attractive industrial environment." Dr. Al Mojel stated.


The signing of the MoU came on the sidelines of the Saudi-Japan Vision 2030 Business Forum in Tokyo, which was attended by 24 Saudi entities and 300 Japanese companies to discuss the requirements of reaching effective partnerships as well as discussing important investment opportunities in the Kingdom, especially in energy, mining, logistics, infrastructure and other sectors.

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