49 investment pacts worth over $925mln clinched in Saudi Arabia during Q2 of 2022

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Saudi Arabia

49 investment pacts worth over $925mln clinched in Saudi Arabia during Q2 of 2022

RIYADH — The Ministry of Investment has announced the signing of 49 investment deals in several sectors worth more than $925 million during the second quarter of 2022.

The ministry indicated that the deals that were signed were in the sectors of advanced industries, information and communications technology, construction and building, in addition to real estate activities, tourism, entertainment, and sports.

The deals that were signed are expected to create about 2,000 new job opportunities, the ministry said.

In its statement, the ministry clarified details of the deals that were signed. These include the signing of an agreement worth $133.3 million between the Saudi Ports Authority (Mawani) and DP World, UAE, to establish a modern logistics zone in Jeddah Islamic Port.

Meanwhile, a $37 million deal was signed, led by MasterCard, in the Saudi e-commerce company "Hyperpay" in order to expand the digital payment system in the Kingdom.

The ministry's investment development report also revealed other deals, the most important of which were strategic agreements with the Swiss pharmaceutical company "Novartis" to develop biotechnology in Saudi Arabia.

Investment agreements worth $50 million were signed by the Saudi Aramco Entrepreneurship Center (Wa’ed) for the Wahed, a global Islamic fintech company. In addition to signing a deal with