Saudi Arabia, Singapore to establish Strategic Partnership Council as trade grows to $1 billion in 2024

Saudi Arabia and Singapore have recently established a new bilateral partnership aimed at strengthening cooperation in various fields, including economic, defense, and cultural exchanges. The foreign ministers of both countries officially signed a memorandum of understanding on Wednesday, announcing the establishment of the Saudi-Singapore Strategic Partnership Council, marking a new stage in their cooperation. This partnership was initially proposed during the visit of former Singaporean Prime Minister Lee Hsien Loong to Saudi Arabia in October 2023.

This collaboration marks the first such partnership between Singapore and a Middle Eastern country, and it is also Saudi Arabia's first strategic cooperation in the Southeast Asian region. This fully demonstrates both countries' commitment to deepening relations across a wide range of areas, particularly in economic and development fields. According to the Saudi Press Agency, the cooperation plan aims to promote the growth of bilateral trade volume, which reached $1 billion in 2024, opening up new avenues for cooperation between the two countries.

This progress in cooperation was achieved after a meeting between Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah and Singaporean Foreign Minister Dr. Vivian Balakrishnan. Prince Faisal emphasized Singapore's position as one of the world's major financial centers and expressed the Kingdom of Saudi Arabia's desire to continue cooperating with Singapore to achieve greater economic benefits.

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