Saudi Arabia, Spain Sign Business Deals to Boost Bilateral Investment

Asharq Al-Awsat

23-05-2025

Saudi Arabia and Spain have signed four new private-sector agreements aimed at expanding bilateral investment and economic cooperation, as more than 300 officials and investors from both countries convened in Riyadh for the Saudi-Spanish Business Forum on Thursday.
The event, organized by the Federation of Saudi Chambers in collaboration with the Saudi Ministry of Economy and Planning and the Ministry of Investment, highlighted investment opportunities, sectoral cooperation, and the Kingdom's efforts to diversify its economy under Vision 2030.
Saudi Minister of Economy and Planning Faisal Alibrahim emphasized that non-oil investments in the Kingdom have increased by 70% since the launch of Vision 2030. He noted that for the first time in the country's history, non-oil sectors contributed 54.8% to GDP in 2024.
'Saudi Arabia is advancing toward a knowledge-based economy,' Alibrahim said, adding that over 900 economic reforms have helped attract investors and improve the business environment. More than 36,000 business licenses have been issued and over 6,000 companies established since the Vision's inception.
Alibrahim noted that over $3 billion in Spanish investment has flowed into Saudi Arabia over the past three decades, with more than 200 Spanish companies operating in sectors such as healthcare, agriculture, technology, and real estate. He invited Spanish firms to take part in what he called the 'second chapter' of bilateral economic cooperation, particularly in fields like renewable energy, digital technologies, tourism, and logistics.
Spanish Minister of Economy, Trade and Business Carlos Cuerpo praised Saudi Arabia as Spain's most strategic partner in the region, noting a 57% increase in Spanish corporate presence in the Kingdom over the past three years. He said Spain is well-positioned for deeper engagement, particularly in tourism, renewable energy, and artificial intelligence.
Khalid Al-Hogail, Chairman of the Saudi-Spanish Business Council, underscored the longstanding ties between the two nations, which began with the first Spanish investment license in 1972. He noted that in just the last three years, the number of Spanish companies licensed in Saudi Arabia has doubled to 245.
He said the goal is to make Saudi Arabia and Spain among each other's top 10 trading partners. The Kingdom's major projects—including Expo 2030 and the 2034 FIFA World Cup—offer Spanish firms multibillion-dollar opportunities in construction, transport, defense, tourism, and sports.
The agreements signed during the forum include cooperation in water infrastructure, real estate development, transport technologies, and telecommunications.
Al-Hogail stressed that both nations are committed to further developing trade and investment ties in key sectors including energy, logistics, food, and tourism.