Japanese financial services firm SBI Holdings and Saudi Arabian state-owned oil company Saudi Aramco have signed a memorandum of understanding (MoU) for potential collaboration on digital asset investment and semiconductor production projects. The agreement includes the establishment of SBI Middle East in Riyadh as a base for regional operations. The collaboration may involve co-investing in digital asset portfolios, identifying Japanese startups for expansion into Saudi Arabia, and launching semiconductor production projects in both countries. SBI Holdings has been expanding its presence in the Middle East, with previous ventures in the UAE and partnerships with other companies.
Japanese financial services firm SBI Holdings and Saudi Arabian state-owned oil company Saudi Aramco have signed a memorandum of understanding (MoU) for potential collaboration on digital asset investment and semiconductor production projects. The agreement includes the establishment of SBI Middle East in Riyadh as a base for regional operations. The collaboration may involve co-investing in digital asset portfolios, identifying Japanese startups for expansion into Saudi Arabia, and launching semiconductor production projects in both countries. SBI Holdings has been expanding its presence in the Middle East, with previous ventures in the UAE and partnerships with other companies.
Key Points:
Memorandum of Understanding: SBI Holdings and Saudi Aramco have signed a memorandum of understanding (MoU) to explore collaboration on digital asset investment and semiconductor production projects.
Establishment of SBI Middle East: As part of the agreement, SBI Middle East will be established in Riyadh, serving as a base for regional operations.
Scope of Collaboration: The collaboration may involve co-investing in digital asset portfolios, identifying Japanese startups interested in expanding to Saudi Arabia, and launching semiconductor production projects in both countries.
Expansion of Alliance: The MoU mentions that the scope of the alliance may be expanded further upon agreement between SBI Holdings and Saudi Aramco.
Saudi Aramco's Position: Saudi Aramco is the world's second-largest corporation by revenue, and the collaboration aims to explore opportunities in digital assets and complement its supply chain.
SBI Holdings in the Middle East: This collaboration marks SBI Holdings' continued efforts to establish a presence in the Middle East, following previous ventures in the UAE and partnerships with other companies.
Previous Collaborations: SBI Holdings has been actively involved in various partnerships, including its partnership with Ripple since 2018 and collaborations with companies like Circle to boost USD coin circulation and Web3 services in Japan.
SBI Holdings and Saudi Aramco explore potential collaboration on digital asset investment and semiconductor production projects, with a memorandum of understanding signed to formalize the partnership. The agreement includes the establishment of SBI Middle East in Riyadh, and the collaboration may involve co-investing in digital asset portfolios and launching semiconductor production projects in Japan and Saudi Arabia.
(DEREK ANDERSEN, COINTELEGRAPH, 2023)