RIYADH, 24 January 2007 — In an effort to provide a more business-friendly atmosphere in partnerships with the Kingdom, the Saudi Arabian General Investment Authority (SAGIA) signed a Memorandum of Understanding (MOU) on Thursday with Singapore’s Jurong International on consultancy and advisory services for the successful development and implementation of the Kingdom’s Economic Cities projects as well as related developments yet to be identified by SAGIA. The signing of the MOU took place in Riyadh at a special ceremony and was signed by Fahd A. Al-Rasheed, SAGIA’s Deputy Governor for Economic Cities and Mao Whey Ying, president of Jurong Consultancy, a member of Jurong International Group.The Saudi-Singapore cooperation is meant to be a jumpstart for strategic collaboration between the two countries.
In 2005, Saudi Arabia was Singapore’s 14th largest trading partner with a bilateral trade amounting to a staggering US$15.6 billion.