Saudi Arabian General Investment Authority (SAGIA), the foreigninvestment promotion agency for the Kingdom and Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, have signed a Memorandum of Understanding (MoU) to promote investment, industry and trade cooperation between Saudi Arabia and the United Arab Emirates (UAE). The signing ceremony took place on Wednesday, January 16 at the Abu Dhabi Sustainability Finance Forum, an event hosted by ADGM during the Abu Dhabi Sustainability Week.

The MoU, signed by H.E. Ibrahim Al Omar, the Governor of SAGIA and .E Ahmed Ali Al Sayegh,Minister of State (UAE), and Chairman of Abu Dhabi Global Market from ADGM, aims to facilitatecooperation between the two countries to promote investment activities and further promote their business relations. Through the agreement, the two parties will support economic and commercial information exchange through trade and investment seminars; promote investment activities by hosting roadshows, forums and workshops to attract potential investors; and boost key industry sectors through joint initiatives.

Commenting on the new agreement, H.E Ahmed Ali Al Sayegh, Minister of State (UAE), and Chairmanof Abu Dhabi Global Market said:“We are pleased to form this partnership with Saudi Arabian GeneralInvestment Authority and look forward to foster closer collaboration and explore investment opportunities to augment the growth and economic development of both countries. The agreement reinforces ADGM’s commitment to the UAE’s long-term sustainable growth and playing a part in supporting the well-being and development of the region.”

H.E. Ibrahim Al Omar, the Governor of SAGIA, remarked, “Saudi Arabia is at the heart of the Arabworld and sits at the crossroads of three continents. As such, we believe that regional cooperation within the Middle East and North African region is essential to our economic development. The agreement with Abu Dhabi Global Market is a positive step forward in achieving growth in the region.”

Saudi Arabia and the UAE are the GCC’s largest economies and have forged a deep alliance in recent years through various government initiatives, including the signing of the “Strategy of Resolve” Declaration in 2018. The MoU will allow SAGIA and ADGM to work closely to facilitate cooperation between the two countries, supporting the Saudi 2030 Vision and UAE Vision 2021.