Thank you for reading the news about Bahrain’s GDP surged by 2.45% in Q3 fueled by non-oil sector and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia and Japan have strengthened bilateral relations by finalizing 14 agreements across multiple sectors.
The Saudi-Japanese Investment Forum held in Riyadh on Dec. 26 saw the signing of several memorandums of understanding and announcements of critical projects between governmental entities and private sector players from both nations.
The agreements addressed areas of cooperation in the financial, healthcare, water and energy sectors, among others.
The Investment Ministry inked several deals, including an MoU with EIZO Corp., a Japanese technology company.
Both sides mutually agreed to utilize EIZO’s product solutions to support the ministry’s business activities and contribute to expanding the Kingdom’s economy.
Furthermore, the ministry signed an agreement with the Mitsubishi UFJ Financial Group Bank to enhance cooperation between both parties.
This came as Investment Minister Khalid Al-Falih addressed the forum, stating that there is ample room for future investment for Japanese banks within the Kingdom’s giga-projects and its stock exchange, Tadawul.
He said: “Today, we know that there is a great amount of financial resources in the sector, as the Japanese banks currently manage over $20 trillion in assets.”
He added: “Thus, this (the giga-projects) will add an increased demand for borrowing within the Kingdom, with a value exceeding $1.5 trillion, a demand for borrowing which I am sure the Japanese banks and asset managers will continue to contribute to.”
The forum also saw several agreements and letters of cooperation inked in the water sector, including the signing of an MoU between the National Water Co. and Japanese Fuji Clean Co., the world leader in manufacturing wastewater treatment systems, to localize treatment technologies in Saudi Arabia.
An additional MoU was signed in the water sector between Olayan Financing Co. and DG TAKANO Co., which “aims to identify and pursue strategic, commercial and investment partnership opportunities in the Saudi Arabian market by leveraging both parties’ unique strengths,” a release by the ministry said.
The parties further agreed on terms and conditions to trial DG TAKANO’s products in key Olayan-owned properties, such as hotels, compounds, restaurants and mosques,” the release added.
Furthermore, the parties may continue their partnership by forming a joint venture or agreeing on additional commercial arrangements.
According to the release, the parties are also collaborating on a new large-scale project for water conservation and total reuse to fulfill the needs of local agriculture.
In the energy sector, the investment minister noted that the Kingdom “expects investments to exceed $600 billion in petrochemicals alone by 2030.”
Thus, multiple agreements were signed between bodies from the two countries in the energy sector, including an MoU between Saudi Arabia’s Aramco Ventures and the Japanese New Energy and Industrial Technology Development Organization to explore cooperation in energy and environment-related technology and innovation.
A release by the ministry added that the MoU is expected to facilitate the exchange of information in related fields, the holding of workshops, and opportunities for interaction between Japanese startups and Aramco Ventures.
These were the details of the news Bahrain’s GDP surged by 2.45% in Q3 fueled by non-oil sector for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
