Saudi Arabia, Singapore sign seven bilateral agreements

Saudi Arabia, Singapore sign seven bilateral agreements

THE oil-rich kingdom also expressed interest in expanding cooperation with Singapore beyond the trade sector.

Saudi Arabia Crown Prince Mohammed Salman and Singaporean Prime Minister Lee Hsien Loong signed a series of bilateral agreements during the third session of the Saudi-Singapore Joint Committee held in Riyadh earlier this week.

The seven memorandums of understanding seek to facilitate investment opportunities across various sectors.

Both countries have enjoyed strong ties for nearly six decades, with trade exchange between the nations to have reached $12.05-B in 2022, or 50% higher compared to 2021.

Saudi also wants to expand its partnership with Singapore across various sectors such as infrastructure, transport and logistics, financial services, energy, digital economy, and tourism.

Both countries signed the agreements as Saudi Arabia plans to diversify its economy and reduce its dependence on oil.

The Singaporean Prime Minister was scheduled to visit Saudi Arabia and the UAE from October 17 to 22.


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