Saudi-Spanish Business Forum In Riyadh Showcases Economic Growth And Investment Opportunities

The Saudi-Spanish Business Forum took place in Riyadh, drawing over 300 officials and investors. Key figures included Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo. The event highlighted Saudi Arabia's strides towards a knowledge-based economy, with non-oil sectors projected to contribute 54.8% to the GDP by 2024.

Alibrahim emphasised the significant growth in private investments within non-oil sectors since Vision 2030's inception. These investments have surged by 70%, supported by more than 900 economic and structural reforms. These changes have enhanced investor confidence and simplified the business landscape.

Cuerpo underscored the importance of Saudi Arabia as Spain’s key partner in the region. He noted a 57% rise in Spanish companies operating in the Kingdom over the past three years. This increase reflects Spain's favourable economic conditions for bolstering relations with Saudi Arabia.

Spain has achieved a record level of financial capacity, largely due to its thriving tourism sector. Cuerpo also highlighted Spain's success in attracting renewable energy projects and advancements in research and development, especially in artificial intelligence.

The forum was organised by the Federation of Saudi Chambers of Commerce alongside the Ministry of Economy and Planning and the Ministry of Investment. It facilitated the signing of four agreements between Saudi and Spanish companies across various economic sectors.

Specialised sessions and workshops were part of the forum, focusing on investment opportunities available in both countries. These sessions aimed to foster deeper economic collaboration between Saudi Arabia and Spain.

This gathering marks a significant step in strengthening bilateral ties, showcasing both nations' commitment to expanding their economic partnership through strategic investments and collaborations.

With inputs from SPA