Saudi Gazette report

RIYADH — The Saudi-Spanish Business Forum, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, kicked off on Thursday in Riyadh.

Minister of Economy and Planning Faisal Al-Ibrahim and Spanish Minister of Economy, Trade and Business Carlos Cuerpo were present at the event with more than 300 officials and investors.

Al-Ibrahim affirmed that Saudi Arabia is confidently moving toward a knowledge-based economy, driven by Saudi Vision 2030. He noted that the Kingdom's non-oil sectors accounted for 54.8% of GDP in 2024, for the first time in Saudi Arabia's history.

He explained that Saudi's Vision 2030 has witnessed a 70% growth in private investments in non-oil sectors since its launch, as a result of the implementation of more than 900 economic and structural reforms that have contributed to enhancing investor confidence and facilitating the business environment.

Cuerpo emphasized that Saudi Arabia is Madrid's most important partner in the region, and the presence of Spanish companies in the Kingdom has increased by 57% over the past three years.

He explained that the current economic situation in Spain is suitable for strengthening relations with Saudi Arabia. Spain has reached a record level of financing capacity, while the tourism sector is the main driver, and it has occupied advanced positions in attracting renewable energy projects and research and development activities related to artificial intelligence, he said.

Chairman of the Saudi-Spanish Business Council Khalid Al-Hogail explained that Saudi Arabia and Spain are seeking to explore investment opportunities and enhance trade exchange in promising and vital sectors.

He noted that trade and investment relations are currently witnessing development; in 2024, the volume of trade exchange reached approximately $6 billion. He noted that the council is working to strengthen partnerships between business leaders in sectors such as energy, tourism, construction, sports, food, and logistics services.

Four agreements were signed between Saudi and Spanish companies across several economic sectors. Specialized sector-specific sessions and workshops were also held, highlighting the investment environment and opportunities in both countries, particularly in vital economic sectors, as well as the incentives and facilities offered to investors from both sides.

It is noteworthy that the volume of trade exchange between Saudi Arabia and Spain at the end of 2024 amounted to SR22.9 billion, with Saudi exports amounting to SR12.4 billion, while its imports from Spain amounted to SR10.5 billion.