Latest news with #Saudi-Australian
Leaders
6 days ago
- Business
- Leaders
Saudi-Australian Business Council Launched to Strengthen Economic Cooperation
The Federation of Saudi Chambers of Commerce, with the approval of the General Authority of Foreign Trade, has officially launched the Saudi-Australian Business Council for the 1447–1451 term. Dr. Jaber Al-Fahhad has been appointed as the council's chairman. This initiative supports the objectives of Saudi Vision 2030 by enhancing international partnerships, attracting foreign investment, and enabling Saudi investors to expand into global markets. The council held its inaugural meeting in Riyadh with the participation of Australian delegates. During the session, members presented a strategic roadmap to boost trade and investment between Saudi Arabia and Australia, aiming to deepen bilateral economic ties. Dr. Al-Fahhad emphasized that the council represents a new chapter in Saudi-Australian economic collaboration. The council's agenda includes a focus on key sectors identified in Saudi Vision 2030, promotion of cross-market investment opportunities, and leveraging existing trade agreements. Additionally, efforts will be made to support Australian companies seeking to establish a presence in the Saudi market, one of the largest economies in the region. Related Topics: Saudi Arabia, Spain Bolster Economic Cooperation Finance Minister Leads Delegation at 122nd GCC Financial, Economic Cooperation Meeting Saudi Arabia, China Boost Economic Cooperation with 24 Deals Short link : Post Views: 8 Related Stories
Arab News
25-02-2025
- Business
- Arab News
Australian firms set sights on Saudi construction sector as trade ties deepen
RIYADH: Saudi Arabia's giga and megaprojects are drawing fresh interest from Australian businesses, with over 90 companies exploring new partnership opportunities to expand their footprint in the Kingdom's booming construction sector. 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.
