Riyadh – Mubasher: MUFG Bank, the largest bank in Japan, has signed an agreement with the Saudi Arabian General Investment Authority (SAGIA) in a step to promote Japanese investments in Saudi Arabia.
The newly signed deal is part of the Framework for Co-operation between SAGIA and MUFG Bank, which has been offering support to Japanese corporations and investors in the Kingdom since 2017, according to MUFG Bank’s statement on Wednesday.
The agreement allows the Japanese lender to further enhance the bilateral cooperation in new areas, and to work with SAGIAon promoting Japanese investments in the Kingdom, as well as to provide a broader range of on-the-ground services to corporate clients.
In October 2018, MUFG Bank opened its office in the Kingdom’s capital Riyadh, becoming the first branch of a Japanese bank in the country to offer full banking services for corporate clients, including deposits, foreign exchange and settlements.
It is worth noting that the fourth meeting Joint Group for Saudi-Japan Vision 2030 kicked off Wednesday in Tokyo, Japan, as part of the following up to the work of the joint vision.
The meeting will focus on future cooperation and investment opportunities in both countries, exploring additional areas of cooperation, discussing the latest initiatives of the partnership with Japan, providing support to overcome the challenges facing cooperation and the importance of partnership for achieving the strategic goals of the two countries.
