Saudi Arabia is emerging as one of the Middle East’s most dynamic markets, New Zealand’s trade minister said, as businesses from both countries signed agreements worth more than $100 million during an official visit to the Kingdom.

The memorandums of understanding covered a range of sectors, including a deal between NIG Nutritionals and Al Dawaa Pharmacies, an agreement linking 26 Seasons with Qassim Strawberry & Fruit Cooperative Society, and a partnership between Gallagher Animal Management and Al Tajweed.

Todd McClay, New Zealand’s Minister for Trade, also met Saudi Arabia’s Minister of Investment, Khalid Al-Falih, to discuss ways to strengthen investment ties. The talks build on the New Zealand–Gulf Cooperation Council Free Trade Agreement signed last year and reflect a shared commitment to expanding trade and investment.

Trade between the two countries has grown rapidly, with New Zealand exports to Saudi Arabia rising 118 percent since 2021. According to the New Zealand Ministry for Trade and Investment and Agriculture, Saudi Arabia is now the country’s second-largest export market in the Middle East and ranks 18th globally.

As of June, two-way trade stood at $960 million, with exports valued at $805 million. Dairy products accounted for 80 percent of exports, followed by meat at nearly 10 percent. The latest year-end figures show exports have more than doubled in four years.

Saudi Arabia is New Zealand’s 22nd largest trading partner overall and one of its fastest-growing markets in the Middle East. This year, the two nations are also marking 48 years of diplomatic relations.

During his visit, McClay also met with officials from the Saudi Public Investment Fund to explore investment opportunities and toured the Expo 2030 site, underscoring New Zealand’s interest in supporting the Kingdom’s long-term development plans.