The Saudi Arabian Ministry of Economy and Planning has signed a memorandum of understanding (MoU) with the Ministry of Economy, Trade, and Business of Spain in order to exchange expertise and enhance economic relations between the two countries.
The MoU was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.
The deal outlines areas of cooperation, including the coordination of efforts in economic modeling and policymaking, supporting small and medium-sized enterprises (SMEs) through joint partnerships and programs, and facilitating joint projects and bilateral participation in economic events.
Furthermore, it also covers the exchange of information and statistics in areas such as industry, technology, and innovation, in alignment with the goals of sustainable development and Saudi Vision 2030.
KSA and Spain have been strengthening their economic ties through strategic investments, collaborative projects, and sectoral partnerships, aligning with Saudi Arabia’s Vision 2030 goals of economic diversification and industrialization.
Over the past decade, Spanish investments in the Kingdom have exceeded $3 billion, with approximately 40 percent directed towards the real estate sector.
Both nations are aligning their economic strategies with Saudi Vision 2030, focusing on diversification and industrialization. Spanish firms are contributing to sectors such as renewable energy, infrastructure, and technology, supporting Saudi Arabia’s goals of reducing oil dependency and fostering sustainable development.
According to the reports, these partnerships reflect a growing and diversified economic relationship between the Kingdom and Spain, encompassing trade, investment, and collaborative projects across various sectors.
