Saudi Arabia’s Ministry of Investment (MISA) and Ant International have inked a Memorandum of Understanding (MoU) to ease business growth in the Kingdom.
During a signing event in Riyadh, Douglas Feagin, President of Ant International, and Eng Saleh Khabti, Deputy Minister of Investment of Saudi Arabia, met to discuss their new partnership. They signed an agreement focusing on technology innovation and boosting economic growth in Saudi Arabia.
MISA, with the help of this partnership, is backing Ant International’s expansion into Saudi Arabia, helping them navigate licensing and certification for improved services and growth.
Ant International sees Saudi Arabia as a crucial entry point to the Middle East, expanding its payment and financial services. This move will help businesses of all sizes in Saudi Arabia grow through digitalization.
Mr. Eng Saleh Khabti, Deputy Minister for Investment at MISA said “we have worked closely with Ant International on its expansion into the Kingdom which will not only benefit thousands of merchants across the country but potentially hundreds of thousands of businesses right across the Middle East. We are seeing tremendous growth in digital payments in Saudi Arabia and we expect this trend to continue with Ant International’s expansion which will further boost the financial services sector in the Kingdom.”
Douglas Feagin, President of Ant International, said “we see an enormous opportunity for expansion in the Middle East and in particular Saudi Arabia, which has been supportive of technological innovations and digitalization, empowering its businesses to thrive.”
“Through our agreement with MISA, Ant International enters an exciting new chapter of opportunity within Saudi Arabia. We’re delighted to build upon our progress in the Middle East to support merchants’ access to our world class payment solutions and inclusive financial services, providing Saudi businesses with various tools to grow and benefit from international travel and trade.”
Ant International’s strategy includes four services for worldwide merchants: (i) Alipay+ for mobile payments and digital tech, (ii) Antom merchant payment services, (iii) WorldFirst for cross-border trade, and (iv) ANEXT Bank, a digital wholesale bank under Singapore’s Monetary Authority, along with other financial services.
About Ant International
Based in Singapore, Ant International drives global commerce with digital innovations, helping businesses of all sizes succeed. We work closely with partners to offer tech-driven payment and financial services worldwide, supporting merchants in achieving their growth goals.
About the Ministry of Investment of Saudi Arabia (MISA)
Saudi Arabia’s Vision 2030 plan is driving fast economic growth and diversification, creating many new opportunities for foreign investment. The Ministry of Investment (MISA) is making it easier to access these opportunities by fostering a dynamic investment environment across the government.
MISA works with the Saudi government to make investing easier and more appealing. They do this by creating clear and stable policies, offering incentives, sharing investment data, opening up opportunities in different sectors, and helping local businesses partner with foreign investors.
MISA oversees the National Investment Strategy (NIS) in Saudi Arabia, a plan launched in October 2021. The goal is to make private investors, both local and international, key partners in development. The strategy aims to triple investment, boost FDI from SAR 17bn to SAR 338bn, and increase investment as a percentage of GDP to 30% by 2030, with state investment helping to reduce risks and attract more investors.
