RIYADH, Jan. 30 (Xinhua) -- Chinese private equity fund MSA Capital and the Saudi Ministry of Investment signed a memorandum of understanding (MoU) to bolster investment cooperation and foster innovation in key sectors in Saudi Arabia.
Formalized by Khalid Al-Falih, Saudi Investment Minister and Yazeed Al-Shammari, MSA Partner in its Saudi Innovation Initiative, the strategic partnership seeks to bolster economic cooperation and foster innovation across strategic sectors in the Kingdom, according to a joint press release on Monday.
Via the fund's emerging markets investment arm MSA Novo, the MoU sets out to support Saudi companies in securing strategic global investments, particularly from Asian investors.
The agreement further aims to develop the country's venture capital ecosystem and facilitate joint ventures across sectors.
MSA Capital has been a significant investor in Saudi Arabia over the last five years. It has facilitated the entry of 19 global portfolio companies and over 45 million U.S. dollars in investment in nine companies operating in the Kingdom.
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