Riyadh – May 22, 2025, corresponding to 24 Dhu al-Qadah 1446 AH — As part of strengthening economic relations between Saudi Arabia and the Kingdom of Spain, the "Saudi-Spanish Business Forum" opened today in Riyadh, organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment, with high-level participation from ministers, decision-makers, and more than 300 officials and investors from both sides.

The forum was attended by Saudi Minister of Economy and Planning Faisal bin Fadhil Al-Ibrahim, and his Spanish counterpart, Minister of Economy, Trade and Business Carlos Cuerpo, where the strategic partnership prospects between the two countries were highlighted, along with promising investment opportunities in key sectors.

In his opening remarks, Minister Al-Ibrahim affirmed that Saudi Vision 2030 is steadily advancing toward a knowledge-based economy, supported by a qualitative shift in non-oil sectors, which recorded 54.8% of GDP for the first time in 2024, thanks to the implementation of more than 900 economic and structural reforms, which have helped enhance the attractiveness of the business environment and investor confidence.

For his part, Spanish Minister Cuerpo noted that the Kingdom has become Spain's top regional partner, with the number of Spanish companies operating in Saudi Arabia rising by 57% over the past three years, praising growth in sectors such as tourism, renewable energy and artificial intelligence.

Khalid Al-Hogail, Chairman of the Saudi-Spanish Business Council, affirmed that bilateral relations are witnessing accelerated growth, with trade volume between the two countries reaching around $6 billion in 2024, while total annual trade exchange reached SR22.9 billion, comprising SR12.4 billion in Saudi exports and SR10.5 billion in imports from Spain.

Key Forum Outcomes

  • Signing of 4 strategic agreements between Saudi and Spanish companies.
  • Organization of dialogue sessions and sector-specific workshops covering the business environment, investment opportunities, and investor incentives.
  • Focus on energy, tourism, construction, sports and logistics services as pillars of joint cooperation.

The forum reflects both countries' commitment to advancing economic relations to new levels, and to exploring partnership opportunities in promising sectors that represent the future of sustainable development.