Saudi Arabia and Singapore have created a 100 million-riyal ($27 million) company to increase investments in the real-estate, energy and water industries, Al- Jazirah said, citing Abdullah al-Mulaihi, chairman of the Saudi- Singapore Business Council.

The new venture will be based in Riyadh, the newspaper said.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net