Saudi Arabia’s Ministry of Investment has entered a deal with US retail giant Amazon to develop the kingdom’s eCommerce sector.
The memorandum of understanding (MoU), signed on Tuesday, is also part of the government’s efforts to build local capabilities and attract sustainable investment practices to Saudi Arabia, the ministry said on Twitter.
The ministry did not provide more details of the agreement, which was signed in the presence of Saudi Investment Minister Khaled Al-Falih and Amazon Vice President for MENA Ronaldo Mouchawar.
Amazon established its presence in Saudi Arabia after the acquisition of Dubai-based marketplace Souq.com. In 2020, Amazon rolled out a website, which is a re-branding for Souq.com customers in the kingdom.