Mizuho Financial Group, Inc. (President & CEO: Yasuhiro Sato) signed a Memorandum of Understanding for business cooperation (hereinafter “MOU”) with Saudi Arabia Oil Company (Treasurer: Salah Al Hareky, hereinafter “Saudi Aramco”) for the purpose of engaging in areas of mutual benefit to both parties as part of Saudi Aramco's contribution to Saudi Arabia's Vision 2030.
Saudi Aramco is a state–owned oil company which has the world's largest oil reserve and ranks No. 1 in terms of the volume of oil production and export.
Saudi Arabia, in particular, is expected to achieve significant growth in the future as a core economy of the MENA/GCC market. Its national growth strategy of promoting privatization, industrial sophistication and diversification is highly accommodative to Japan's globalization initiatives such as infrastructure export and the Cool Japan campaign.
Mizuho is the only Japanese bank to have an office in Saudi Arabia, which was opened in November 2009 to provide integrated financial services in the region.