AlQa'dah 2, 1433, Sep 18, 2012, SPA - Saudi-Singaporean Business Council signed here today a Memorandum of Understanding (MoU) to establish a joint company with a capital of SR 100 million to be paid equally between the two sides to facilitate the entry of investors in both countries. The memorandum was signed by the Head of the Saudi side at the Council Abdullah bin Zaid Al-Melaihi, and Head of Singaporean side Shabbir Hispahi. In a statement to Saudi Press Agency (SPA), Al-Melaihi pointed out that the Company is interested in investing in the areas of real estate development, health care, energy, water and information technology and that it will be based in Riyadh with an office in Singapore. He said the Singaporean side is looking forward that the new company will contribute to the implementation of projects under study whose current total value amounts to up to SR 1.5 billion through the entry into competitions in large projects in the Kingdom of Saudi Arabia.
