Riyadh – Mubasher: The Saudi Arabian General Investment Authority (SAGIA) has announced signing an agreement with China-based Sunway to launch a SAR 1.69 billion ($450 million) joint venture (JV) to operate in the manufacturing industries sector.
The JV will be implemented in three phases, the kingdom’s foreign investment license provider said on Twitter.
In November, SAGIA said that Italmatch Chemicals and the Saudi Development and Innovation Group (SADIG) signed a contract to establish an integrated phosphate complex with SAR 1 billion in investments.
In April, the Saudi investment body inked a memorandum of understanding (MoU) with pioneering technology company Hewlett-Packard (HP) to boost the GCC nation’s information technology (IT).
In March, SAGIA awarded a licence to US-based consortium Global Business Ventures to start investing in housing projects in Saudi Arabia.
