Minister of Finance Dr Ibrahim Al-Assaf received here today Singapore's Foreign Minister George Yeo, who is currently visiting the Kingdom of Saudi Arabia. They reviewed aspects of financial and investment cooperation between the Kingdom and Singapore and signed an agreement to avoid double taxation and prevent escaping taxation on income. Dr Al-Assaf said this agreement constitutes a legal framework for taxation relations between the two countries. He urged businessmen in the two countries to establish joint investment projects. Dr Al-Assaf disclosed that the volume of trade exchange between the two countries is steadily growing and it jumped from about SR 15.170 billion in 2000 to more than SR 46.5 billion in 2008.
