Mint Explainer: India-Saudi Arabia deals - A bull-run in the making?

livemint.com:

renewable energy of India and the Ministry of Energy of Saudi Arabia – MoC (Memorandum of Cooperation) between the Ministry of Communication and IT of Saudi Arabia and MEITY of India in the field of Digitization and Electronic Manufacturing – MoU between the CVC of India and the Saudi Oversight and Anti-Corruption Authority – MoC between the National Archives of India and King Abdulaziz Foundation of Saudi Arabia in the area of archival cooperation – Framework of Cooperation on Enhancing Bilateral Investment between Invest India and the Ministry of Investment of Saudi Arabia – MoU between Saudi EXIM Bank and EXIM Bank of India – MoU for Cooperation in the Technical Field & Establishment of the Small and Medium Enterprises Bank between SIDBI and SME Bank of Saudi Arabia – MoU on Seawater Desalination between National Institute of Technology of India and Saline Water Conversion Corporation of Saudi Arabia There were also more than a dozen MoUs between private companies facilitated by Invest India and the Ministry of Investment of Saudi Arabia. Additionally, both the countries plan to channel $100 billion in investments pledged by the Saudi Prince in 2019.

Of this, $50 billion is earmarked for the West Coast Refinery in India. They have also decided to expedite negotiations of the Indian-Gulf Cooperation Council (GCC) FTA (Free Trade Agreement).

The two nations agreed to strengthen the fintech field to explore the opportunity to trade in local currencies and abate the use of the greenback. These MoUs signed are concentrated on energy cooperation between the countries – the hydrocarbon relationship, digitalization, electronic manufacturing, and desalination.