The MoU will see both parties explore investment opportunities to jointly develop Rakisa Economic City, which is also known as Prince Abdulaziz bin Mosaed Economic City.
Spread over 15,600 hectares, the estimated $8bn project will be the second largest economic zone in Saudi Arabia, targeting investment in the transport and logistics sector.
It will incorporate an international airport, dry port, railway station, agricultural industries and services, knowledge area and business centre.
Over the next 40 years, the economic city will feature seven phases of development, housing more than 300,000 people and providing 55,000 jobs.
Rakisa Economic City is one of six economic cities announced by the Saudi Authorities, all to be financed and managed by the private sector.
The others are Knowledge Economic City, Tabuk Economic City, Ras al-Zour Resource City, Jizan Economic City and the largest, King Abdullah Economic City (MEED 30:11:07).