Saudi Arabia and Portugal have made a significant move to strengthen their economic ties by forming a new business council for the 2024-2028 term. Endorsed by the General Authority for Foreign Trade, the council aims to boost trade and investment between the two nations.

Alwaleed bin Khaled Al-Baltan has been appointed as the council’s president, with Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi serving as vice presidents.

Al-Baltan highlighted that the council marks a new chapter in Saudi-Portuguese economic relations, creating opportunities for investment and trade partnerships.

The council will work closely with government agencies to foster a favorable investment climate, focusing on infrastructure, agriculture, tourism, technology, and renewable energy sectors. This initiative aligns with Saudi Arabia’s broader strategy to strengthen economic relations with Europe. The council’s formation follows a 2021 memorandum of understanding between the Saudi and Portuguese federations, with operations beginning on August 27.

In 2023, Saudi Arabia’s exports to Portugal were valued at $453 million, while imports from Portugal reached $293 million. The council will focus on sectors aligned with Saudi Vision 2030, identify investment opportunities, and facilitate Portuguese companies’ entry into the Saudi market.

Between 2021 and 2022, Saudi exports to Portugal increased by 50%, while imports from Portugal rose by nearly 40%, bringing the total trade volume to $1 billion. Saudi Minister of Economy and Planning Faisal Al-Ibrahim highlighted this growth at the Portuguese-Saudi Investment Forum in Lisbon in October 2023, highlighting the potential for deeper collaboration.

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