Saudi Arabia and Spain partner to boost joint projects, economic collaboration
The Ministry of Economy and Planning of Saudi Arabia and the Ministry of Economy, Trade, and Business of Spain signed a memorandum of understanding (MoU) to exchange expertise and strengthen economic relations between the two countries.
The agreement, SPA reported, was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.
This MoU outlines several areas of cooperation, including coordination in economic modeling and policymaking, support for small and medium-sized enterprises (SMEs) through joint partnerships and programs, and the facilitation of joint projects and participation in economic events. Additionally, it includes the exchange of information and statistics in fields such as industry, technology, and innovation, aligning with the goals of sustainable development and
Saudi Vision 2030
.
Read more: Saudi Arabia's minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement
Key trade figures
As of 2024, the bilateral trade between Saudi Arabia and Spain has demonstrated significant activity, with Spain exporting a diverse range of goods to Saudi Arabia. The total exports for 2024 are approximately $1.5 billion. Major export categories include machinery, nuclear reactors, and boilers, valued at $396.84 million; electrical and electronic equipment at $175.14 million; articles of iron or steel at $127.93 million; vehicles (excluding railway and tramway) at $102.42 million; vegetable, fruit, and nut food preparations at $119.50 million; pharmaceutical products at $78.18 million; and essential oils, perfumes, and cosmetics at $85.03 million.
In 2023, the trade volume was lower; however, the growth trajectory indicates a robust increase in exports as Spain strengthens its economic ties with Saudi Arabia. Projections for 2025 suggest continued growth, particularly in technology and renewable energy sectors, aligning with Saudi Arabia's Vision 2030 initiative, which emphasizes the diversification and modernization of its economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
39 minutes ago
- Zawya
Create. partners with Dubai Economy & Tourism to launch AI-powered learning portal for entrepreneurs
Dubai, UAE – Create. has partnered with Dubai Economy & Tourism (DET) to create an innovative course portal designed to enhance the learning experience for entrepreneurs at every stage of their journey. This innovative platform integrates a dynamic website with a custom-built AI-powered learning system, marking a significant step in positioning Dubai as a global business hub under the D33 Vision. Recognising the need to equip new and aspiring entrepreneurs with essential business knowledge, the Dubai SME Hub was developed as an accessible, scalable, and cost-effective learning solution. The portal features AI-generated content that is designed, written, and presented by AI, ensuring high-quality, personalised learning experiences. DET challenged Create. to push the boundaries of AI-powered education, inspiring the team to develop a platform that redefines how knowledge is created and shared. This vision led to the development of an advanced AI-driven learning system that delivers intelligent, adaptive, and scalable educational experiences tailored to the needs of entrepreneurs. In just a short timeframe, Create. successfully delivered 70 lessons across seven subjects in both English and Arabic—amounting to 140 video modules plus online tutoring. To achieve this at scale, the team developed an end-to-end AI workflow that streamlined content creation while maintaining human oversight where it mattered most. The AI-driven workflow not only accelerated content production but also resulted in an estimated 10x savings in time and costs. The learning hub effectively serves as a personalised start-up incubator, providing aspiring entrepreneurs with the tools to navigate their business journey with confidence. Additionally, the platform also includes an AI Tutor, a conversational chatbot that is trained on the content so that users could get recommendations for what to study based on their needs or even ask questions at any time and get real, context-aware feedback along their learning journeys. 'At Create., we are leading AI-powered education for the region, reimagining how knowledge is created and delivered at scale. By developing all new AI workflows, we've enabled one-to-one business learning experiences without the heavy costs typically associated with launching traditional training programmes. This initiative represents the future of education; adaptive, scalable, and deeply impactful. We are truly proud to be at the forefront of this transformation.' Says Romain Colomer, Experience & Innovation Director at Create. Following the successful launch of the platform, the initiative has now entered Phase 2, which focuses on expanding course content, increasing learner engagement, and further refining AI-powered production processes to enhance efficiency and scalability. Check it here: About Create. Create. is the Middle East's leading strategic digital communications agency, with a team of 160+ across the UAE, Saudi Arabia, and Egypt, and part of the Code and Theory family of agencies under the Stagwell Global Network. They have also been named Campaign Middle East's Digital Agency of the year, for the third consecutive year. The agency partners with destination brands, nation builders and visionaries to drive positive cultural and economic transformation. The team is built to deliver digital strategy, products, content, and innovation through a culture focused on driving impact, with award-winning quality, at speed. For further information, please contact: talktous@ Discover more about Create:
Zawya
39 minutes ago
- Zawya
UAE's Khazna, NVIDIA partner to build AI-capable mega data centres across MEA
UAE-headquartered Khazna Data Centres (Khazna) announced on Wednesday a strategic collaboration with US-based chipmaker NVIDIA to develop large-scale data centres ready for artificial intelligence (AI) workloads across the Middle East and Africa (MEA) region. The company said that its current and future projects will be designed to be full compatible with the NVIDIA's latest GPU-accelerated technologies and workloads NVIDIA has certified Khazna's upcoming facility designs to support its latest GPU architecture Blackwell. As part of its expansion strategy, Khazna will develop data halls with individual capacities of up to 50 megawatts (MW), and AI clusters of up to 250MW each. Many of these will be housed within the planned 5-gigawatt (GW) UAE-US AI campus announced during the recent visit of U.S. President Donald Trump to the UAE. Khazna said it plans to reach 1 GW of capacity with data centre projects in France, Italy, Saudi Arabia, Egypt, Türkiye, and Kenya. 'Our work with NVIDIA represents a bold step forward in delivering high-performance, future-ready infrastructure at unprecedented scale,' said Hassan Alnaqbi, CEO of Khazna Data Centres. 'It reinforces our support for the UAE's ambitions to become a global AI leader.' (Writing by SA Kader; Editing by Anoop Menon)
Zawya
39 minutes ago
- Zawya
Nazaha investigates forgery and fund misuse in Kuwait Municipality
KUWAIT CITY - The Anti-Corruption Commission (Nazaha) has announced the referral of several supervisors and other officials from the Kuwait Municipality to the Public Prosecution over suspected offenses, including unintentional damage to public funds, facilitating the misappropriation of public funds, and forgery. The Authority reaffirmed its ongoing commitment to thoroughly examine all credible reports, gather evidence, and conduct investigations per the law. Nazaha also emphasized its appreciation for the vital role of whistleblowers and cooperating entities in helping the Commission obtain crucial information related to corruption cases. The Authority assured that it remains fully committed to offering the highest levels of protection and confidentiality, as mandated by the law and its implementing regulations. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
