06 Nov 2024
RIYADH: Saudi Arabia and Portugal are aiming to increase awareness of investment regulations in both countries to boost trade thanks to a first-of-its-kind initiative.
Announced by the Federation of Saudi Chambers, the Saudi-Portuguese Business Council signed a memorandum of understanding with Ibrahim Al Howishel Law Firm to facilitate the entry of Portuguese companies into the Kingdom.
The MoU will also encourage regional companies to invest in Portugal by acting as a legal advisor. It will be the first of its kind among Saudi foreign business councils within the federation.
Its objective is to increase the number of international investors in the Kingdom by informing them about the positive developments, regulatory environment, and investment landscape.
Walid Al-Balhan, chairman of the Saudi-Portuguese Business Council, emphasized that the recently signed MoU aligns with Saudi Arabia’s Vision 2030, which aims to attract foreign investment and strengthen international business ties.
He also said the advisor would address investor queries and provide guidance on regulations, building confidence among Portuguese companies looking to enter the Kingdom.
He extended his gratitude to the Federation of Saudi Chambers and relevant government bodies for their support of the council’s initiatives.
Under the agreement, both parties will collaborate with the Kingdom’s authorities to host workshops for Portuguese firms interested in the Saudi market.
These sessions are expected to cover key topics, including the Premium Residency system, foreign investment regulations, and company setup processes, as well as strategic investment opportunities and incentives for firms considering relocating their headquarters to Saudi Arabia.
The agreement also includes cooperative efforts to refine investment procedures for Saudi companies in Portugal, propose incentives for entities from the European country to attract investors within the Kingdom, and provide advisory support for companies in both nations.
The newly established Saudi-Portuguese Business Council aims to strengthen economic relations between Saudi Arabia and Portugal from 2024 to 2028.
Formed in August under the Federation of Saudi Chambers of Commerce and endorsed by Saudi Arabia’s General Authority for Foreign Trade, the council is led by President Al-Baltan, with Vice Presidents Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi.
The council aligns with Saudi Arabia’s strategy to deepen ties with European countries, focusing on collaborative sectors such as infrastructure, agriculture, tourism, technology, and renewable energy — all central to Saudi Vision 2030’s goal of diversifying the economy beyond oil.
Saudi exports to Portugal grew by 50 percent between 2021 and 2022, with trade volume reaching $1 billion in 2023. The council seeks to enhance investment opportunities and create a supportive environment for businesses from both nations to access each other’s markets.
This collaboration was formalized with a 2021 memorandum of understanding between the Saudi and Portuguese federations, marking a strategic step to capitalize on growth potential in each country.