Riyadh – Mubasher: Saudi Arabia’s Small & Medium Enterprises General Authority (SMEA) has signed a memorandum of understanding (MoU) with Industrial Bank of Korea (IBK) for the establishment and operation of a bank for SMEs.

The MoU enables businesspeople in Saudi Arabia and South Korea to inspect potential cooperation opportunities in entrepreneurship and attracts South Korean investments to the Saudi market, SMEA posted on Twitter.

It is noteworthy that Saudi Aramco and its affiliates inked twelve agreements with leading companies in South Korea in a bid to foster cooperation with the East Asian nation.