Arab News, Sat, Apr 20, 2024 | Shawwal 11, 1445
Spanish investments in Saudi Arabia exceed $3bn, boosting bilateral relations and vital sectors
Saudi Arabia:
Spanish investments in Saudi Arabia have surpassed $3 billion in the last 10
years, with bilateral relations contributing to the development of vital
sectors, according to a top official.
The Kingdom’s Minister of Municipal, Rural
Affairs, and Housing, Majed Al-Hogail, witnessed the start of the Saudi-Spanish
Business Forum on April 17, which was organized by the Council of Saudi Chambers
and the Saudi-Spanish Business Council.
Al-Hogail highlighted in his opening address that
the bilateral relations between the Kingdom and the European country over the
last 70 years have resulted in favorable outcomes, fostering development,
investment, and advancements in various sectors such as construction, civil
engineering, finance, energy, and water desalination, as reported by the Saudi
Press Agency.
He explained that bilateral investments are
booming, with Spanish finding into the Kingdom surpassing $3 billion in the last
decade, 40 percent of which is in real estate.
The forum, held in Madrid, highlighted
Saudi-Spanish financial opportunities and enhancing partnerships in areas of
construction technologies, smart cities, and urban planning.
The minister underscored the forum’s role in
exploring investment prospects and enhancing cooperation and effective
partnerships, particularly in municipal and housing sectors.
He emphasized that Saudi Arabia and Spain are
experiencing rapid developmental advancements, making investment and trade
exchanges increasingly attractive.
Al-Hogail stressed the importance of ongoing
cooperation and expertise exchange in this crucial sector, stating that the
Kingdom welcomes collaboration with successful international partners and
leveraging their expertise.
He also announced the signing of a real estate
development agreement with a Spanish development company to implement
residential units within integrated communities and suburbs, aiming to raise the
homeownership rate to 70 percent by 2030.
He expressed the ministry’s eagerness to
strengthen partnerships with developers and investors in the construction,
roads, recycling, engineering, and consulting sectors.
Following the forum, attended by Princess Haifa
bint Abdulaziz Al-Mogrin, the ambassador to Spain, and Khalid Al-Hogail,
president of the Saudi-Spanish Business Council, the minister convened with
Teresa Ribera, Spain’s deputy prime minister and minister of ecological
transition and demographic challenge.
They discussed cooperation in urban development,
urbanization, and the utilization of artificial intelligence technology in
sustainable city building, as reported by SPA.
Al-Hogail highlighted Saudi Arabia’s efforts to
improve standards in municipal and housing undertakings, including the “Bahja”
project, which aims to enhance the quality of life in Saudi cities, and the
“Green Suburbs” initiative, which strives to plant more than 1.3 million trees
in 50 residential areas.
Al-Hogail also met with the President of the
Spanish Association of Infrastructure Contractors and Concessionaires, Julian
Nunez, to review prominent investment opportunities in the Saudi real estate
sector.
During a three-day visit prior to the forum,
minister Al-Hogail met with executives from leading Spanish companies to explore
collaboration opportunities.
The tour is part of the Kingdom’s broader
initiative to foster international partnerships that enhance its urban and
infrastructure capabilities, SPA reported.