Saudi Gazette Report

LONDON — Saudi Arabia and the United Kingdom signed a memorandum of understanding (MoU) to enhance cooperation in the fields of financial development and public finance services.

The agreement was signed during a meeting between Finance Minister Mohammed Al-Jadaan and the Chancellor of the Exchequer Jeremy Hunt in London on Tuesday.

The meeting discussed bilateral relations and aligned them with major global economic issues that include the ones raised during the G20, IMF and the World Bank Group.

Both ministers also discussed the promising outlook of the Saudi economy.

The memorandum of understanding between the two sides aims to highlight opportunities, exchange experiences, and enhance cooperation between the two countries in the fields of financial development and public finance services.

During his two-day visit to the United Kingdom, Al-Jadaan met with the Minister of Investment Lord Johnson and discussed ways to enhance relations and cooperation in financial services between the two countries.

Through the courtesy of the Saudi-British Joint Business Council, the minister also met with interested investors and CEOs and reviewed the promising outlook of the Saudi economy, and the Kingdom's ongoing plans for economic and financial reforms within the framework of Saudi Vision 2030.

Al-Jadaan also held a meeting with the Lord Mayor of London Nicholas Lyons and reviewed public-private partnerships in the Kingdom with him.

The two also discussed the opportunities within Privatization Program and the Saudi Partnership.

Later, he met with representatives of companies interested in the rapid growth of privatization opportunities and public-private partnerships in the Kingdom.