The opening day of the 8th edition of the Future Investment Initiative (FII) held in Riyadh saw two major agreements being signed at the event. 

 

The deals were sealed at an investment ceremony held today (October 29) under the umbrella of Invest Saudi led by Khalid Al Falih, Minister of Investment.

 

Hassana Investment Company signed a MoU with State Oil Fund of the Republic of Azerbaijan (Sofaz) to explore collaborative investment opportunities within the Kingdom of Saudi Arabia. 

 

The MoU sets the groundwork for strategic cooperation between the two entities, allowing them to investigate options for co-investment and asset transfers in areas such as private equity, infrastructure, and real estate.

 

The other deal was sealed by Saudi investment firm Beta Lab which launched a $300-million growth fund in partnership with the Ministry of Investment of Saudi Arabia (MISA), the Research, Development, and Innovation Authority (RDIA), Hong Kong Science and Technology Park (HKSTP), and Telkom Indonesia. 

 

The growth fund has been set up mainly to connect the kingdom’s start-up ecosystem to global expertise and accelerate tech talent.

 

These strategic partnerships highlight the commitment to fostering cross-border innovation and collaboration between two of the world’s most dynamic emerging markets, said the statement from MISA.

 

This initiative also aims to bolster a resilient technology landscape in Mena and Southeast Asia, particularly between Saudi Arabia and Indonesia, in alignment with the objectives of Saudi Vision 2030. 

 

By emphasizing research and development, the fund is poised to create high-value jobs and stimulate economic growth. This initiative underscores a mutual commitment to advancing technology and sustainability while fostering cross-border collaborations that expand investment opportunities, it added.-TradeArabia News Service