Riyadh – Mubasher: Saudi Arabia’s Ministry of Investment and China-based MSA Capital through its emerging markets investment arm MSA Novo signed a memorandum of understanding (MoU) to endorse economic cooperation and foster innovation in major sectors across the Kingdom.
This strategic partnership aims to focus on logistics, financial technology, core technology, healthcare, robotics, and ecommerce as well as other sectors, according to a press release.
The Saudi Minister of Investment, Khalid Al Falih, said: “Our collaboration with MSA Capital underlines our resolve to establish the Kingdom as a global investment powerhouse and a leading hub for technological advancement.”
Al Falih added: “MSA have shown significant commitment to the Kingdom for over the last five years and we are excited to expand this partnership. We are committed to leveraging this alliance to catalyse significant strides in KSA’s fintech and tech sectors, paving the way for a new era of economic prosperity aligned with Vision 2030’s ambitious objectives.”
The MoU further will support Saudi companies in securing strategic global investments, mainly from Asian investors, while exploring cross border opportunities in the capital markets.
The mutual agreement will work on developing Saudi Arabia’s venture capital (VC) ecosystem, while facilitating joint ventures (JVs) across different industries and evaluating setting up a regional headquarters of MSA in Saudi Arabia.
Founder and Managing Partner of MSA Capital, Jenny Zeng, said: “Our engagement with MISA is a critical step in expanding MSA Capital’s global footprint, especially as Saudi Arabia’s vibrant economy and forward-looking vision present unique opportunities for our portfolio companies.”
China’s MSA has three partners based in its Riyadh office and has injected more than $45 million investment into nine companies operating in Saudi Arabia. Having over 250 global portfolio companies, the Asian company also facilitated the market entry of 19 global portfolio firms into the Kingdom.
