RIYADH — Saudi Arabia and the United Kingdom signed on Wednesday a memorandum of understanding (MoU) to promote direct investment in both countries.

The agreement was signed at the Saudi-UK round-table session on the sidelines of the Fifth Future Investment Initiative (FII) in Riyadh.

Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih and British Minister for Investment Lord Gerry Grimstone were present at the signing ceremony.

The MoU aims to promote direct investment between the two countries in several ways, including facilitating the establishment and expansion of Saudi companies in the United Kingdom, and British companies in Saudi Arabia.

It also aims to enhance cooperation opportunities in the field of direct investment in the two countries through exchanging visits and expertise.

The roundtable session discussed ways to empower the two countries through public and private sector institutions and how to transform the economy to be more sustainable.

It also discussed Saudi Arabia's commitment to reach net zero carbon emission by 2060, which shows Saudi Arabia's responsibility towards climate change issues and sustainability. — SPA