Launch of First European Chamber of Commerce in Saudi Arabia Signals New Era of Trade Cooperation”

By: Fahd Al-Talal and Mamdouh Al-Yahya

Christophe Farnaud, the European Union Ambassador to the Kingdom of Saudi Arabia, Bahrain, and Oman, inaugurated the European Chamber of Commerce in the Kingdom on Wednesday. This significant event marks a pivotal moment in fostering trade ties between the European Union and Saudi Arabia.

Named the European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA), it serves as the authoritative voice of European businesses in the Gulf Cooperation Council (GCC) countries. As the pioneering European Chamber of Commerce in the GCC region, its primary focus is on enhancing economic and trade relations between Saudi Arabia and the European Union, particularly in discussions regarding the Kingdom’s economic diversification initiatives with the backing of the European Union.

The ceremony, attended by key dignitaries, including Ibrahim Al-Mubarak, Assistant Minister of Investment, Mohammed Aba Hussein, Undersecretary of the Ministry of Investment for Investor Services, Lorcan Tyrrell, Chairman of the Board of Directors of the European Chamber of Commerce in the Kingdom, Luigi Di Maio, Special Representative of the European Union for the Gulf Region, and Leon Delvaux, Acting Directorate General of Trade and the European Commission, and Thomas Jorgensen, Minister Counsellor and Head of Trade and Economic Affairs Department at the European Union Delegation to KSA, Bahrain, and Oman, marked the official handover of licenses.

During the event, Ibrahim Al-Mubarak announced that “the number of European companies obtaining licenses to establish their regional headquarters in Riyadh has surpassed 300, with the Kingdom aiming to attract 480 such companies by 2030.”