A Saudi-Japanese partnership in digital asset projects
Japanese financial services company SBI Holdings announced last Thursday that it had signed a memorandum of understanding with the giant Saudi oil company, Aramco, related to the possibility of joint cooperation between them in digital asset investments. The memorandum states that SBI’s agreement with the state oil company will include “cooperation in the field of digital assets and making joint investments using the investment portfolios of digital assets of both parties.”
It is mentioned here that the total value of SBI's assets amounted to $165 billion this year, and that Saudi Aramco (TADAWUL:2222) is the second largest company in the world in terms of revenues after Walmart.
It appears that the two parties will agree to identify a number of emerging Japanese crypto companies and encourage their growth and entry into the Saudi market, in addition to establishing several factories in both countries for “investment in the field of semiconductor” projects. The SBI memo also noted that “the scope of this partnership could be expanded following the agreement between the company and Aramco.”
Last October, SBI announced a separate collaboration with the Japanese government to invest 800 billion yen ($5.3 billion) to help Taiwan's Powerchip Semiconductor Manufacturing Corporation build a semiconductor factory in northeastern Japan.
