Saudi-Spanish Business Forum In Madrid: A New Era For Bilateral Investment Opportunities

The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, recently took part in the inauguration of the Saudi-Spanish Business Forum in Madrid. This significant event, organized by the Federation of Saudi Chambers and the Spanish Chamber of Commerce, served as a platform to discuss and enhance investment opportunities between the Kingdom of Saudi Arabia and the Kingdom of Spain. The forum focused on several key areas including construction technologies, smart cities, and urban planning.

During the forum, Al-Hogail expressed his appreciation for the establishment of this bilateral platform, emphasizing its role in reflecting the strong historical ties between Saudi Arabia and Spain. He noted that the forum is aimed at exploring investment opportunities and enhancing cooperation in various vital sectors, particularly in municipal and housing sectors. Al-Hogail also highlighted the longstanding relationship between the two nations, which has spanned over seven decades, yielding numerous positive outcomes in development, investment, and service development across various sectors.

Al-Hogail pointed out that both Saudi Arabia and Spain are currently experiencing a significant development renaissance across all fields. This development is creating lucrative investment and trade exchange opportunities between the two countries. He affirmed that Saudi Arabia is actively working towards achieving the goals set out by Vision 2030, which aims to foster a vibrant society, an ambitious nation, and a prosperous economy.

The minister revealed that Spanish investments in Saudi Arabia have exceeded $3 billion over the past decade, with 40% of these investments being in the real estate sector. He stressed the importance of continuing cooperation and exchanging expertise to further develop this vital sector. Al-Hogail announced an upcoming real estate development agreement with a Spanish company aimed at implementing residential units within integrated communities that adhere to quality of life standards.

Following the forum, Al-Hogail met with Teresa Ribera, Third Vice-President of the Government of Spain and Minister for Ecological Transition and Demographic Challenge. They discussed cooperation in humanizing cities and employing artificial intelligence in sustainable urban development. The minister also met with Julián Núñez, President of the Spanish Association of Infrastructure Contractors and Concessionaires, to explore investment opportunities in the Saudi real estate sector.

The forum was attended by notable figures including Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin, Ambassador of Saudi Arabia to Spain; Eng. Khalid bin Abdullah Al-Hogail, Chairman of the Saudi-Spanish Business Council; along with leaders from Saudi and Spanish investment companies. This gathering marks a significant step towards strengthening bilateral relations and fostering economic growth between Saudi Arabia and Spain.

With inputs from SPA