Australian firms set sights on Saudi construction sector as trade ties deepen
At a business-to-business meeting hosted by the Australia Saudi Business Council at the Federation of Saudi Chambers, discussions focused on how Australian firms could leverage their expertise in infrastructure, sustainable construction, and smart city technologies to support Saudi Arabia's Vision 2030 transformation.
The event featured a delegation from the New South Wales Government, which is also participating in the Big 5 construction exhibition.
This comes as Saudi-Australian trade relations continue on an upward trajectory, with trade volume reaching approximately $1.92 billion in 2023. Australia exported $1.07 billion worth of goods to Saudi Arabia and imported $847 million, according to the Observatory of Economic Complexity, an online data visualization and distribution platform.
'Construction remains a major sector of opportunity, with over 11,000 Australians currently working in Saudi Arabia, primarily on mega and giga-projects. There is immense potential for Australian businesses to expand their presence in the Kingdom,' said Sam Jamsheedi, chairman of Australia Saudi Business Council.
This aligns with the memorandum of understanding signed in May between the Australia-Saudi Business Council and Forum and the Export Council of Australia to enhance cooperation across multiple sectors.
His Saudi counterpart, Talal Al-Sheer, underscored the importance of deepening economic ties between the two nations. 'The Saudi-Australian relationship is a key driver of growth. Over the past three years, the Official Business Council has facilitated market entry into Saudi Arabia, fostering joint ventures with local firms,' he said.
NSW Trade Commissioner Moin Anwar emphasized the significance of direct engagement in strengthening economic cooperation. 'Meetings like these are crucial for expanding our bilateral relationship across various sectors. Construction and infrastructure are among the primary pillars where Australia can contribute significantly to Saudi Arabia's development,' he said.
Several Australian firms showcased their capabilities in advanced building solutions, attracting strong interest from Saudi stakeholders eager to incorporate global expertise into the Kingdom's large-scale developments.
The networking sessions also provided businesses with opportunities to exchange knowledge and discuss synergies in line with Saudi Arabia's ambitious economic diversification goals.
The meeting served as a strategic platform for both nations to reinforce trade and investment ties, positioning Australian businesses as key players in Saudi Arabia's multibillion-dollar infrastructure drive.
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