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Asharq Al-Awsat
23-05-2025
- Business
- Asharq Al-Awsat
Saudi Arabia, Spain Sign Business Deals to Boost Bilateral Investment
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.
Zawya
23-05-2025
- Business
- Zawya
Saudi Arabia develops smart legislation and digital systems to meet needs of investors: minister
RIYADH — Minister of Economy and Planning Faisal Al-Ibrahim emphasized that Saudi Arabia is now opening its doors to the world and has a roadmap in line with Vision 2030. "The Kingdom has developed smart legislation and digital systems to meet the needs of international investors. There are significant changes not only in the regulations and laws governing investment and business, but also in the way business is conducted, adopting smart systems, digital transformation, and regulations focusing on attracting investment," he said while addressing the Saudi-Spanish Business Forum in Riyadh on Thursday. Al-Ibrahim said that Saudi Arabia is advancing toward global competitiveness and a knowledge-based economy. "Since the launch of Vision 2030, private investments in non-oil sectors have grown by 70 percent, fueled by over 900 economic and structural reforms that have boosted investor confidence and streamlined the business environment. This is in addition to issuing more than 36,000 business licenses," he said noting that there are more than 6,000 companies operating in the Kingdom. Referring to the Saudi – Spanish investment relations, Al-Ibrahim said that there have been investments exceeding $3 billion over three decades, with more than 200 Spanish companies operating in the fields of healthcare, agriculture, real estate, and digital technology. "These numbers reflect the strength and momentum of the growing partnership between the Kingdom and Spain, as Spanish expertise plays a vital role in the Kingdom's transformation," he said, adding that the forum aims to explore new opportunities, strengthen partnerships, and formulate further cooperation, with the goal of creating added value across various sectors. The visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero also addressed the forum, which saw the participation of more than 300 Saudi and Spanish officials and investors. The forum was organized by the Federation of Saudi Chambers of Commerce in collaboration with the Ministry of Economy and Planning and the Ministry of Investment. Earlier on Wednesday, Al-Ibrahim and Caballero co-chaired the fourth session of the Saudi-Spanish Joint Commission. Several current and upcoming initiatives were discussed, with a focus on enhancing economic, social, and cultural ties between the Kingdom and Spain. These initiatives highlight the strength of relations and the mutual commitment of both sides to expanding cooperation across various sectors. The Saudi-Spanish Joint Commission is centered on the shared commitment to fostering a prosperous future partnership, grounded in mutual economic interests and strengthening trade and investment relations between the two countries. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
