An ARAB NEWS report by Nomita Dhar stated Singaporean companies can look to benefits arising from increased cooperation with Saudi Arabia following a series of new agreements under the recently forged strategic partnership between both countries
THIS follows the official visit by Prime Minister Lee Hsien Loong to the Kingdom of Saudi Arabia in October where the two countries agreed to strengthen relations. Coinciding with the Official Visit was also the arrival of delegation of ministers and business leaders to the Kingdom. The Saudi Ambassador to Singapore H.E. Abdullah Mohammed Al-Madhi was quoted “The large number of ministers and officials as well as the accompanying business delegation by the Singapore Business Federation showed the high level of interest and engagement by Singapore with the Kingdom of Saudi Arabia.”
He added “We were very honored to be able to welcome and show them many sectors of the Saudi economy. A very special program was prepared for Prime Minister Lee and his delegation. They included several non-traditional stops outside Riyadh that can also present business opportunities, such as Tabuk, Dammam and NEOM.”
It was also reported that during the trip, the Singaporean premier and his top-level delegation — comprising Foreign Minister Vivian Balakrishnan, Manpower Minister Tan See Leng, and Social and Family Development Minister Masagos Zulkifli — made a historic trip to Madinah.
With Saudi Crown Prince Mohammed bin Salman and the Singaporean prime minister agreeing to upgrade relations to a strategic partnership, Singaporean businesses see opportunities likely to come from the move. “This allows for the deepening and expansion of mutually beneficial relations in all fields, enhancing investment, trade and economic cooperation,” said Mr Shamsher Zaman, Chairman of the Middle East Business Group at the Singapore Business Federation, told Arab News.
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