15 Indian cos sign pact to invest in Saudi

New Delhi: Tata Consultancy Services (TCS), Wipro, Carnival Cinemas and Glenmark were among the Indian companies that signed 15 agreements on Wednesday to invest in Saudi Arabia.

The Saudi Arabian General Investment Authority (SAGIA) in a statement said while 11 MoUs were signed to forge partnerships, four new licences worth more than $28 million were handed out to Indian firms at the Saudi-India Forum here.

"The announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment," it said.

"This reflects the strength and diversification of the Saudi economy, as well as the opportunities being unlocked for private sector businesses by widespread economic and social reforms as part of Vision 2030."

The MoUs that were signed include agreements that will boost the collaboration in strategic growth sectors between several Saudi government entities with leading Indian firms including TCS, Wipro, Glenmark and Ion Exchange.

Besides, licences were granted to AWJ Energy, SecurEyes, Carnival Cinemas and Red Sea Arabia Company to establish operations in Saudi Arabia.

The Saudi-India Forum is part of the first official state visit of Crown Prince Mohammed Bin Salman to India. "Saudi Arabia is open for business and we are delighted to announce the licences and MoUs signed at the Saudi-India Forum today.

"Since the launch of Vision 2030, we have been working across the government to enhance regulations and streamline processes for investors, and as a result we are attracting an increasing number of Indian businesses to explore mutually beneficial growth opportunities," Ibrahim Al-Omar, Governor, SAGIA, said.

The number of SAGIA licences issued to Indian businesses grew 181 per cent in 2018 and the agreements signed Wednesday are indicative of the interest among Indian businesses to take advantage of these opportunities, he said.