“We believe that in the coming years, Saudi investment can be extended to other sectors. Portugal offers a wide range of business opportunities, distinctive and high-quality products,” stated the Portuguese official at the Saudi Arabia-Portugal Business Forum held today in the Saudi capital, with the presence of over 50 Portuguese companies.
Castro Almeida emphasized that Portugal “is an attractive country for foreign investment” — at the end of last year, foreign direct investment exceeded 200 billion euros, representing 71% of the gross domestic product (GDP).
“More and more international investors are attracted by the highly qualified, competitive workforce and a dynamic, innovative ecosystem, besides political stability,” he noted.
Beyond infrastructures or ports, the minister highlighted that the country offers “a strategy to transform Portugal into a green and digital logistics hub.”
Additionally, he mentioned, Portugal can be a platform for investments in Portuguese-speaking countries, namely Brazil, African Portuguese-speaking countries, and East Timor, representing a market of 260 million consumers.
On another note, the ‘Vision 2030’, a plan developed since 2016 by Crown Prince Mohammad bin Salman to diversify the Saudi economy, “creates favorable conditions for investment in strategic and emerging sectors,” the minister considered, identifying opportunities for Portuguese companies in sectors such as construction, water and environment, fashion, renewable energies, technologies, health, or tourism.
Similarly, Saudi Arabia’s Minister of Economy and Planning, Faisal F. Alibrahim, invited Portuguese companies to see Saudi Arabia “as a market but also as a platform for the Gulf region,” while encouraging Saudi investors “to deepen their connection with Portugal.”
The official commented that the relationship between Portugal and Saudi Arabia is “also enriched by social and cultural ties,” namely “the shared passion for sports,” recalling that the two countries will host the world football championship in 2030 and 2034, respectively.
The partnership between Lisbon and Riyadh “is a path to shared and sustained economic growth,” argued Alibrahim.
During the forum, it was announced that 21 Portuguese companies, from sectors such as construction, services, or technologies, are already operating or are completing the registration process in Saudi Arabia, since 2023.
Additionally, 15 memoranda of understanding were signed to formalize the establishment of Portuguese companies in Saudi Arabia in partnership with the private sector.
Castro Almeida, who is visiting Saudi Arabia from today until Monday, was received by his counterpart and the Minister of Investment, Khalid Al-Falih, with whom he signed a memorandum of understanding to promote the exchange of information between the two governments on business opportunities.
