Japan’s SBI and state-controlled energy firm Saudi Aramco announced they will explore a potential collaboration for digital assets and semiconductors. Additionally, SBI said it plans to set up SBI Middle East in Riyadh as a base for operations in the Middle East. SBI recently announced a $100 million joint fund with Standard Chartered based out of Dubai.
SBI and Aramco will look at co-investing in each other‘s digital assets portfolios. In this regard, SBI has a substantial portfolio, although Aramco’s should not be underestimated.
Additionally, SBI will look at identifying Japanese digital asset startups that want to expand their business in Saudi Arabia. Together they would provide support.
Saudi Aramco is the world’s second largest company in terms of revenue with $604 billion.