Abu Dhabi and Saudi trade bodies sign MoU

The Saudi Arabian General Investment Authority (SAGIA) and Abu Dhabi Global Market (ADGM) have signed a memorandum of understanding to promote the investment industry in their respective countries.

The two foreign investment promotion agencies have agreed to support economic and commercial information exchange via a series of seminars, roadshows, forums and workshops.

Chairman of the ADGM and minister of state for UAE, H.E Ahmed Ali Al Sayegh welcomed the partnership and the prospect of “closer collaboration and explore investment opportunities to augment the growth and economic development of both countries”.

The sentiments were echoed by his counterpart, SAGIA governor H.E Ibrahim Al Omar who said that the agreement and regional cooperation within the Middle East and North African region is “essential to our economic development”.

Saudi Arabia and the UAE are the two largest economies in the GCC region and have signed a number of trade agreements in recent years including the ‘Strategy of Resolve’ declaration in 2018.

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