Riyadh, Saudi Arabia — Saudi-Spanish business relations took center stage in Riyadh today as the Saudi-Spanish Business Forum launched with participation from over 300 leaders from both countries. The event was organized by the Federation of Saudi Chambers in cooperation with the Ministry of Economy and Planning and the Ministry of Investment.
The forum focused on strengthening Saudi-Spanish business relations through bilateral dialogue and sectoral workshops. In his remarks, Saudi Minister of Economy and Planning Faisal Al-Ibrahim stated that the Kingdom is advancing steadily toward a knowledge-based economy, powered by Vision 2030 economic reforms.
He highlighted that non-oil sectors accounted for 54.8% of GDP in 2024, the highest in Saudi history. This shift reflects the success of more than 900 structural and economic reforms, which have increased foreign investment in Saudi Arabia and improved the ease of doing business.
Spanish Minister of Economy Carlos Cuerpo emphasized Spain’s growing presence in the Saudi market. Spanish firms have increased their footprint by 57% over the past three years. He noted that Spain’s current financial strength, coupled with its global leadership in tourism and renewable energy, makes it a strong investment partner.
Khaled Al-Huqail, Chairman of the Saudi-Spanish Business Council, said that both countries are actively exploring bilateral investment opportunities in key sectors including energy, tourism, construction, sports, logistics, and food industries.
The forum included the signing of four business agreements between Saudi and Spanish companies. Several sessions and workshops explored Spain-Saudi trade growth and the incentives both governments offer to investors.
In 2024, total trade volume reached SAR 22.9 billion, including SAR 12.4 billion in Saudi exports and SAR 10.5 billion in imports from Spain — highlighting a robust and expanding economic relationship.
