Madrid, April 18, 2024, Saudi Minister Majid bin Abdullah Al-Hogail actively participated in the inaugural Saudi-Spanish Business Forum held in Madrid yesterday, organized jointly by the Federation of Saudi Chambers and the Spanish Chamber of Commerce. The forum served as a platform to delve into promising investment prospects between Saudi Arabia and Spain, particularly in sectors such as construction technologies, smart cities, and urban planning.
During the event, Minister Al-Hogail expressed appreciation for the establishment of the Saudi-Spanish Business Forum, emphasizing its reflection of the longstanding and amicable relations between the two nations. He underscored the forum's objective of facilitating discussions on investment opportunities and strategies to bolster practical cooperation and partnerships across pivotal sectors, including municipal and housing initiatives.
Highlighting the enduring bilateral ties spanning over seven decades, Minister Al-Hogail pointed out the significant positive outcomes witnessed in areas such as construction, civil engineering, finance, energy, and water desalination. He emphasized the rapid developmental strides taken by both Saudi Arabia and Spain, rendering investment and trade exchanges between them increasingly attractive and catalytic.
Moreover, Minister Al-Hogail reiterated Saudi Arabia's commitment to the Vision 2030 blueprint, designed to drive economic and social progress through clear objectives and targeted plans. He emphasized the Kingdom's pursuit of enhanced cooperation with successful international entities to leverage expertise for mutual benefit.
Notably, Minister Al-Hogail announced an upcoming real estate development agreement with a Spanish firm, aimed at creating integrated residential units aligned with quality-of-life standards. This initiative forms part of the Kingdom's ambition to elevate homeownership rates to 70% by 2030. He also expressed keenness to bolster partnerships in construction, roads, recycling, and engineering sectors, alongside consulting companies.
Post-forum engagements saw Minister Al-Hogail engaging with Spanish officials, including the Third Vice-President of the Government of Spain and the Minister for Ecological Transition and Demographic Challenge, Teresa Ribera. Discussions centered on collaborative efforts in urban development, employing AI in sustainable urban solutions, and implementing quality-of-life benchmarks in municipal projects.
Furthermore, Minister Al-Hogail's meetings with industry stakeholders, such as the President of the Spanish Association of Infrastructure Contractors and Concessionaires, focused on exploring prime investment opportunities within Saudi Arabia's real estate sector.
The forum, attended by prominent figures like Saudi Ambassador Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin and Saudi-Spanish Business Council Chairman Eng. Khalid bin Abdullah Al-Hogail, underscored a shared commitment to fostering robust economic ties and harnessing collective expertise for mutual prosperity.
