RIYADH —The National Industrial Development and Logistics Program (NIDLP) and Riyadh Bank signed on Wednesday a cooperation agreement to work on developing investment and financing capabilities for the strategic axes of NIDLP.

The agreement was co-signed by the CEO of NIDLP Eng. Suliman bin Khalid Al-Mazroua and CEO of Riyadh Bank Tariq bin Abdulrahman Al-Sadhan, in the presence of Minister of Industry and Mineral Resources Bandar Al-Khorayef, who is also the chairman of NIDLP committee and chairman of Riyadh Bank’s Board of Directors Chairman Abdullah bin Mohammed Al-Issa.

The minister affirmed the importance of cooperation between public and private sectors in advancing the development march in Saudi Arabia and achieving the goals of Saudi Vision 2030, stressing that stimulating the private sector is at the forefront of NIDLP’s priorities. Minister Al-Khorayef added that NIDLP will be able to achieve the objectives of this agreement.

For his part, Riyadh Bank’s Board of Directors Chairman expressed Riyadh Bank's pride in this agreement, which aims to support the strategy of NIDLP to transform Saudi Arabia into a leading industrial powerhouse and a global logistics hub, to maximize the economic impact, diversify it for target sectors, and create an attractive investment environment, which will contribute to achieving the goals of Vision 2030.

According to the agreement, the fields of cooperation include cooperating in the field of developing investment opportunities and attracting and stimulating investment funds in NIDLP sectors including industry, energy, mining, services and logistics, in addition to cooperation with regard to improving the investment climate in these sectors in line with the goals and aspirations of the program to raise the contributions of these sectors in providing a diversified, solid and sustainable economy.