Riyadh, November 27, 2024 — In a significant move to strengthen economic ties, the Kingdom of Saudi Arabia and the Republic of Djibouti have signed a landmark agreement designed to foster and safeguard mutual investments between the two nations. This historic agreement was formalized during the 28th World Investment Conference in Riyadh, which is being held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia.
The agreement, signed by Saudi Minister of Investment Khalid Al-Falih and Djiboutian Secretary in Charge of Investment and Development of the Private Sector Safia Mohamed Ali Gadileh, serves as a critical step in enhancing bilateral economic cooperation. Both parties expressed their satisfaction with the agreement, underlining its potential to catalyze collaboration between the public and private sectors in both countries.
The agreement aims to create a conducive and secure environment for investments by introducing several key provisions designed to protect and encourage mutual investment. These provisions include investment protection, national treatment, fair and equitable treatment, and the promotion of transparency in business operations. Additionally, the agreement guarantees investors access to both national courts and international arbitration mechanisms for the resolution of disputes, ensuring that investors' rights are adequately protected.
Through these safeguards, the agreement seeks to significantly boost investment flows between Saudi Arabia and Djibouti, contributing to the development of diverse sectors. This partnership aligns with the ambitious economic objectives being pursued by both nations as part of Saudi Arabia’s Vision 2030 initiative and Djibouti’s own economic growth strategies.