Tripartite MOU Signed by Mukatafa, xMap, and LocationMind at the Saudi-Japanese Investment Forum

Press Release
Riyadh, Saudi Arabia
January 2, 2024

The agreement to strengthen the investment partnership between the Kingdom of Saudi Arabia and Japan has taken a significant step forward with the formal signing of a tripartite memorandum of understanding (MOU) by Mukatafa Company, xMap Company, and LocationMind Company. This pivotal event took place during the Saudi-Japanese Investment Forum in Riyadh.

The core objective of this MOU is to develop and disseminate research and studies that provide deep insights into business environments, economic structures, and legislative frameworks. This initiative will encompass both public and private sectors, focusing on the processing, analysis, and presentation of data in a manner that facilitates informed decision-making. This endeavour is perfectly aligned with the goals of the Kingdom's Vision 2030, underscoring its commitment to fostering a sustainable economy.

The agreement is designed to foster cooperation among the participating entities to achieve shared objectives, which include:

  1. Producing research and studies aimed at boosting sectoral growth and contributing to national development.
  2. Enhancing bilateral data exchange, processing, and analysis to improve the services offered by all involved parties.
  3. Collaboratively working on various national projects involving both public and private sectors.
  4. Enhancing national capabilities and skill sets by providing support and training to Saudi professionals in the field of data science.

Signatories to the MOU were Razan Farhan Al-Aqeel, Partner and Chief Advocacy Officer at Mukatafa Consulting Company, Mohammed Reda Al-Sayed Mohammed Batran, Founder and CEO of xMap, and Naoki Kiritani, Founder and CEO of LocationMind. The signing ceremony was honored by the presence of His Excellency the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih, the Japanese Minister of Economy, Trade, and Industry, Ken Saito, along with several officials from both countries.

Razan Al-Aqeel highlighted that this agreement with Xmap and Location Mind is in line with Mukatafa's strategy of embracing cutting-edge geospatial technologies and gaining a deeper understanding of societal and economic trends. This collaboration will enhance the role of decision-makers in both public and private sectors in formulating comprehensive, well-supported, and impactful public policies. Mohammed Batran and Naoki Kiritani expressed their excitement about this partnership, which strengthens the strategic ties between the Kingdom of Saudi Arabia and Japan and opens new avenues in data science amid rapid technological advancements.