Saudi-Singapore venture targets SR 1.5 bn projects

The newly established Saudi-Singapore company aims to invest in mega projects worth SR 1.5 billion in the Kingdom, said Abdullah Melaihi, president of the Saudi-Singapore Business Council. Speaking after signing the agreement to set up the company with a capital of SR 100 million, he said Singaporean companies hope to carry out a number of new projects in the Kingdom. “The Singaporean side intends to implement new projects, which are being studied with the support of Saudi partners, by offering their tenders,” Melaihi said. He said the new company would invest in vital areas such as real estate, health care, energy, water and information technology. It will be based in Riyadh and will have an office in Singapore. “Cooperation with Singapore is fruitful as the country possesses expertise required by the Kingdom,” he said. He thanked businessmen in both countries for their support to set up the new company, adding that it would boost Singaporean investments in Saudi Arabia. From : Arabnews