Saudi Arabia’s Crown Prince to Visit Japan Later This Month

(Bloomberg) -- Saudi Arabia’s Crown Prince Mohammed bin Salman will travel to Japan later this month on a rare trip outside of the Middle East.

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The kingdom’s de facto ruler will meet Prime Minister Fumio Kishida during a trip from May 20 to May 23, the Japanese government said on Friday.

The two countries have deep economic ties. Saudi Arabia was Japan’s eighth-biggest trading partner last year, according to the International Monetary Fund, with flows totaling $42 billion.

Japan is one of the biggest buyers of crude oil from Saudi Arabia, and the kingdom’s wealth fund is among the largest shareholders in gaming giant Nintendo Co.

The countries also have a “Saudi-Japan Vision 2030” agreement that’s meant to see Japanese companies invest in industries such as agriculture, medical care, energy and infrastructure in the kingdom.

The wider Vision 2030 is Prince Mohammed’s plan to transform the Saudi economy by investing hundreds of billions of dollars in everything from tourism to electric vehicles and semiconductors.

MBS, as the Saudi crown prince is known, was meant to visit Japan in late 2022, but the trip was canceled shortly before he was scheduled to arrive.

--With assistance from Rakteem Katakey and Adveith Nair.

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