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HomeBusinessSingaporean Businesses Seek Opportunities in Saudi Arabia

Singaporean Businesses Seek Opportunities in Saudi Arabia

Singapore looks to benefit from strategic partnership with Saudi Arabia

December 26, 2023
in Business
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Singaporean Businesses Seek Opportunities in Saudi Arabia

Singaporean businesses are aiming to benefit from increased cooperation with Saudi Arabia following a series of new agreements under their recently formed strategic partnership. The two countries agreed to strengthen relations in October during an official visit by Prime Minister Lee Hsien Loong to Riyadh and his meetings with Saudi leadership.

A delegation of ministers and business leaders from Singapore also arrived in the Kingdom for a meeting of the Saudi-Singapore Joint Committee. The high level of interest and engagement demonstrated by Singapore with the Kingdom of Saudi Arabia was apparent through the large number of ministers, officials, and business delegates present. Abdullah Mohammed Al-Madhi, the Saudi ambassador to Singapore, expressed his honor in welcoming the Singaporean delegation and showcasing various sectors of the Saudi economy.

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During the trip, Prime Minister Lee and his delegation visited Madinah, making it his first visit to the second-holiest city in Islam after Makkah. The delegation also visited culturally important sites in Madinah and AlUla. The upgrade of relations to a strategic partnership between Crown Prince Mohammed bin Salman and the Singaporean prime minister presents new opportunities for Singaporean businesses.

Shamsher Zaman, chairman of the Middle East Business Group at the Singapore Business Federation, highlighted the potential for mutually beneficial relations in various fields such as trade and investment, green energy, digital economy, and public sector development. The Singapore Business Federation led a group of 32 business leaders to witness the developments and opportunities in Saudi Arabia firsthand.

Seven memoranda of understanding were signed during the Saudi-Singapore Joint Committee’s meeting, reflecting the continuous commitment of both countries and paving the way for future collaborations in areas of mutual interest. The recent meeting reaffirms the strong bilateral relations and underscores the benefits of working together in connectivity, digital economy and innovation, as well as energy and industry.

Tags: business opportunitiescooperationsaudi arabiaSingaporestrategic partnership
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