“Saudi business leaders are highly interested in and eager for a secure path to invest in Portugal,” emphasized Alwalid Albaltan in Riyadh, where a two-day visit by Portugal’s Minister of Economy and Territorial Cohesion, Manuel Castro Almeida, begins today, aimed at strengthening bilateral economic relations.
The Saudi Arabia-Portugal Business Council and its Portuguese counterpart initiated efforts about a year ago to promote investments by organizing business missions and informational sessions on conducting business in both countries.
“We have laid this foundation, and the results are already visible,” remarked Alwalid Albaltan, citing the recent increase in high-level Portuguese official visits to the kingdom, such as last month’s visit by Minister of State and Foreign Affairs Paulo Rangel and now the Minister of Economy.
“This demonstrates that this foundation is building something significant for the future. It is hard work and will take some time, but everything is aligning in that direction,” the businessman considered.
The Saudi official noted that Portugal, along with Spain and Morocco, will host the FIFA World Cup in 2030, with Saudi Arabia taking on this task four years later.
“Now is the time to launch tourism,” he emphasized.
Similarly, the president of the Portugal-Saudi Arabia Business Council, Abílio Alagôa da Silva, pointed out to Lusa the business opportunities for Portuguese companies in this Middle Eastern country.
“The next 10 years will be of great prosperity” in Saudi Arabia, asserted the Portuguese entrepreneur, highlighting the transformational capacity of the ‘Vision 2030’, a strategic plan launched in 2016 to diversify the country’s economy beyond oil.
This plan includes major projects such as Expo 2030, the Qiddiya entertainment and sports hub—which will house the future stadium and training center of Al Nassr—, King Salman Park, poised to become the largest urban park globally in the Saudi capital, the futuristic city NEOM, and luxury tourism projects along the Red Sea coast.
“There’s a wave now, and we have to seize it,” the Portuguese businessman stated.
Alagôa da Silva further claimed that Saudis have “a great affinity” with the Portuguese.
Portugal also counts on an informal “ambassador” in this country: footballer Cristiano Ronaldo, currently playing for the Saudi team Al Nassr.
“He has done much to bring the two countries closer. We love him and already see him as a Saudi,” said the Saudi entrepreneur.
Riyadh hosts today a business and investment forum attended by the Portuguese minister and his Saudi counterpart, Faisal bin Fadhil Alibrahim, with the participation of about 50 Portuguese companies and more than 200 Saudi firms.
During this event, 15 memoranda of understanding across various economic sectors will be signed.
Minister Castro Almeida’s visit includes bilateral meetings with members of the Saudi government and the seventh joint commission meeting between Portugal and Saudi Arabia.
