MUFG Bank today announced it has concluded an agreement with the Saudi Arabian General Investment Authority (SAGIA) to strengthen the Framework for Co-operation (Framework) which aims to promote Japanese investment in the Kingdom of Saudi Arabia (the Kingdom).

MUFG Bank has provided Japanese corporations and investors with opportunities to understand the government and companies of the Kingdom since the Framework with SAGIA was initially signed in March 2017. Through the Framework, MUFG Bank will further enhance this cooperative relationship in new areas and exchange information with SAGIA to promote investment in the Kingdom and provide a broader range of services to clients on the ground as well as to those who aim to develop business in the Kingdom.

SAGIA is a government body whose main objective is to oversee investment affairs, including foreign investment, in the Kingdom. As part of the economic development of the Kingdom, SAGIA is working to create a business-friendly environment, service investors and foster investment opportunities in the country.

The Kingdom has some of the largest oil reserves in the world and is a major producer and exporter of energy. In addition to having the largest economy in the Middle East, the Kingdom has a promising market with a population of over 30 million. It is also a member of the G20, and has a strong presence as one of the leading countries in the Middle East and North Africa. Increasing foreign direct investment in the Kingdom is one of the most important targets of Saudi Vision 2030, a long-term economic blueprint for the country.

MUFG Bank opened and commenced operations at its branch in Riyadh in the Kingdom in October 2018. The Riyadh Branch is the first branch of a Japanese bank in the country to offer full banking services for corporate clients, including deposits, foreign exchange and settlements.