EU Simonnet to Maaal: Saudis invested SR173 bln in EU over a ‎year, up 32%.. Europeans invested SR740 bln in Gulf countries

Patrick Simonnet, the European Union’s ambassador to the Kingdom, revealed to Maaal that total Saudi investments in the European Union increased by 32% during the year 2021, amounting to 173 billion riyals compared to 2020 when the balance of direct investments from the Kingdom amounted to 130 billion riyals. Simonnet‎ indicated that Saudi Arabia’s investments in the European Union are concentrated more in the fields of tourism, real estate, business and technology sectors through private equity investments, and other investments.

In statements to the “Maaal” newspaper, the ambassador stated that the volume of direct investments from the GCC countries in the European Union amounted to 740 billion riyals during the year 2021. Of these, 55 billion riyals were invested directly by European companies in the Kingdom of Saudi Arabia. Simonnet pointed out that the European Union’s investments are mainly concentrated in consumer industries in partnership with the retail and consumer goods distribution sectors, in addition to services, especially the engineering and contracting sectors, through investments in green sectors and joint ventures.

On the volume of trade exchange between the Kingdom and the European Union, Patrick said; the total trade in goods between the European Union and the Kingdom amounted to 309 billion riyals during the past year 2022, compared to 188 billion riyals in 2021, which means an increase of 64%, as the union imported goods worth 180 billion riyals from the Kingdom, most of which are products fuel, an increase of 110% compared to 85 billion riyals in 2021, while the European Union’s exports increased by 26%, from 102 billion riyals to 130 billion riyals.

As for trade exchange between each of the countries of the Gulf Cooperation Council and the European Union, Patrick Simonnet confirmed that the value of bilateral trade in goods between the European Union and the Gulf Cooperation Council amounted to 716 billion riyals in 2022, achieving a growth of 54% over the year 2021, when it recorded 465 billion riyals. The union’s imports from the Gulf Cooperation Council countries increased to 356 billion in 2022, an increase of 114% over 2021.