The visit, which included high-level meetings with key Portuguese officials, including ministers from the economy, agriculture, parliamentary affairs, sports, infrastructure, and housing sectors, along with the mayors of Porto and Leiria, laid the foundation for deeper cooperation in multiple sectors.

One of the major outcomes of the visit was the signing of a tripartite framework agreement between the Saudi-Portuguese Business Council, the Arab-Portuguese Chamber of Commerce and Industry led by his President Luis Filipe Menezes, and the Portuguese Business Council. This landmark agreement is aimed at enhancing economic collaboration between Saudi Arabia and Portugal, with a focus on diverse sectors such as aviation, tourism, sports investment, media, education, healthcare, agriculture, and fish farming. This strategic partnership is expected to bring forward new investment opportunities and promote bilateral trade between the two countries.

A particularly promising aspect of the visit was the overwhelming interest from Portuguese businesses in exploring opportunities in the Saudi market. Over 260 Portuguese companies expressed their readiness to enter the Saudi market, signaling strong potential for growth and expansion. This enthusiasm reflects Portugal’s growing interest in tapping into the Saudi economy, particularly in sectors aligned with the Kingdom's Vision 2030 goals.

The delegation also held discussions with key players from the sports and aviation sectors, highlighting the ample opportunities for collaboration in these fields. Additionally, the delegation met with Saudi Arabia's Ambassador to Portugal, Prince Saud bin Abdul Mohsen, to review the outcomes of the visit and discuss the next steps for fostering further bilateral cooperation.

In Lisbon, workshops were organized to provide Portuguese companies with detailed information on the investment climate in Saudi Arabia. These sessions, with the participation of Al-Hawaishel Law Firm and Bank AlJazira, highlighted the Kingdom's investment systems, incentives, and financing solutions, offering valuable insights into the opportunities available for Portuguese firms looking to expand into Saudi Arabia.

The visit also included visits to several prominent Portuguese firms specializing in ports, marine warehouses, real estate, technology, media, tourism, transportation, and infrastructure. Two standout companies, Microsaur, a technology solutions provider, and Etermar, a port operations specialist, announced their plans to establish regional headquarters in Saudi Arabia, signaling the beginning of deeper business ties between the two nations.

The success of this visit is a testament to the growing economic relations between Saudi Arabia and Portugal, and it paves the way for further collaboration and mutual growth in the coming years.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes