Chairman of Saudi-Spanish Business Council, to (Maaal): Mutual investments to reach $6.1 billion by the end of 2024

Engineer Khalid Al-Hogail, Chairman of the Saudi-Spanish Business Council, confirmed that the volume of mutual investments between the two countries reached $6.1 billion by the end of 2024, including $3.3 billion in Saudi investments in Spain and $2.8 billion in Spanish investments in the Kingdom. Saudi exports are concentrated in chemicals, plastics, and metals, while Spanish exports are prominent in equipment, pharmaceuticals, and building materials.

Al-Hogail explained to (Maaal), on the sidelines of the Saudi-Spanish Business Forum, that artificial intelligence and modern technology represent promising sectors for cooperation supported by Saudi Vision 2030, while bilateral agreements such as the promotion and protection of investment and the avoidance of double taxation contribute to facilitating the flow of investments. He emphasized that the Federation of Saudi Chambers plays a pivotal role in strengthening economic relations by organizing forums and supporting mutual trade visits. The Saudi-Spanish Business Forum kicked off today in Riyadh, organized by the Federation of Saudi Chambers in cooperation with the Ministries of Economy and Planning and Investment. Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning, and Carlos Cuerpo, Spanish Minister of Economy, Trade, and Business, will participate, along with more than 300 Saudi and Spanish companies representing various economic sectors. The forum is being held in conjunction with the Saudi-Spanish Joint Committee, with the aim of enhancing private sector participation and reviewing investment opportunities in vital sectors such as logistics, construction, food industries, sports, and tourism. It also includes specialized sessions and workshops to discuss investment incentives and facilities. It is worth noting that the volume of trade exchange between the two countries reached SAR 22.9 billion in 2024, including SAR 12.4 billion in Saudi exports and SAR 10.5 billion in Spanish imports, reflecting the steady growth in economic relations.