Riyadh, January 20, 2025 – The Saudi-Portuguese Business Council, led by Chairman Alwaleed bin Khaled Al-Baltan, has concluded a highly successful visit to Portugal, marking a significant milestone in the growing economic ties between Saudi Arabia and Portugal. The visit, which brought together key representatives from both nations, underscored the shared commitment to fostering mutually beneficial partnerships across a range of sectors, including agriculture, sports, infrastructure, and technology.
During the visit, the delegation engaged in high-level discussions with several prominent Portuguese officials, including the Ministers of Economy, Agriculture, Parliamentary Affairs and Sports, Infrastructure and Housing. These meetings served as a platform for exploring collaborative opportunities and aligning strategic goals. The delegation also met with the Mayors of Porto and Leiria, reinforcing the importance of regional cooperation and local partnerships in boosting bilateral economic relations.
The discussions during the visit were not limited to government officials. The Saudi delegation also met with representatives from the sports and aviation sectors, two industries where there is significant potential for growth and collaboration. These conversations underscored the broad scope of potential partnerships and the shared interest in advancing joint projects between the two nations. Additionally, the delegation held talks with Saudi Arabia's Ambassador to Portugal, Prince Saud bin Abdul Mohsen bin Abdulaziz, to review the outcomes of the visit and outline next steps in enhancing bilateral relations.
One of the key components of the visit was a series of workshops organized in Lisbon to introduce Portuguese companies to the various investment opportunities available in Saudi Arabia. The workshops, which were supported by Al-Hawaishel Law Firm and Bank AlJazira, provided in-depth information on Saudi Arabia’s investment systems, including available incentives, financing solutions, and regulatory frameworks designed to facilitate business growth. These sessions were instrumental in building a deeper understanding of the business environment in the Kingdom and attracting Portuguese companies looking to explore new markets.
The Saudi delegation also visited a number of prominent Portuguese firms, showcasing the Kingdom’s diverse economic landscape and identifying areas for collaboration. Companies specializing in ports, marine warehouses, real estate, technology, media, tourism, transportation, and infrastructure were among those highlighted during the visit. Notably, Microsaur, a leading technology solutions and protection systems provider, and Etermar, a specialist in port operations, both announced plans to establish regional headquarters in Saudi Arabia. These strategic moves demonstrate the growing confidence in the Saudi market and the increasing interest from international companies in capitalizing on the Kingdom’s Vision 2030 goals.
Moreover, the visit saw more than 260 Portuguese companies express their intent to enter the Saudi market, signaling strong interest in the Kingdom’s business and investment opportunities. This growing interest reflects the positive momentum generated by the visit and the broader vision for strengthening bilateral economic relations between the two nations.
A major highlight of the visit was the signing of a landmark tripartite framework agreement between the Saudi-Portuguese Business Council, the Arab-Portuguese Chamber of Commerce and Industry, and the Portuguese Business Council. This agreement aims to provide a structured platform for deepening economic collaboration across multiple sectors, including aviation, tourism, sports investment, media, education, healthcare, agriculture, and fish farming. The framework agreement sets the stage for future joint ventures and initiatives that will contribute to the long-term growth and prosperity of both countries.
In conclusion, the Saudi-Portuguese Business Council’s visit to Portugal marks a significant step forward in enhancing economic ties between the two nations. With strong agreements in place and a growing number of Portuguese companies eager to invest in Saudi Arabia, the visit has laid the groundwork for continued collaboration and prosperity in the years to come. The strategic partnerships formed during this visit will play a crucial role in supporting Saudi Arabia’s ambitious Vision 2030 objectives, driving economic diversification, and positioning both nations as key players in the global economy.