Malaysia must step up efforts to build stronger, meaningful bilateral relations with Saudi Arabia - Azmin

The partnerships are anticipated to collectively represent potential investments of US$7.5 billion (RM34 billion).

"Saudi Arabia has become a successful model for many countries around the world to develop entrepreneurship and economic diversification. Their prominent companies need no introduction, having won international accolades and prestigious awards.

"This fits well with our National Investment Aspirations (NIA), which encourages a sustained flow of quality investments in new and complex growth areas," he said in a statement, adding that NIA aims to foster quality innovation and sophisticated projects in Malaysia.

"Our players will also be leveraging this partnership to enlarge their footprint globally in the kingdom.

"MIDA continues to empower and motivate the private sector through active communication channels and facilitating investor connections, creating a lucrative investment environment that characterises the abundance of qualitative enablers and competitive advantages," Arham said.

He said the partners will co-operate and work together in the fields of trade, investment, knowledge exchange, and facilitate joint economic efforts during the next stage, thereby promoting sustainable economic development in both countries.