Riyadh, Nov. 23, 2025 (Lusa) - The president of the Saudi Arabia-Portugal Business Council told Lusa on Monday that the Saudi economy is booming, pointing to opportunities for Portuguese companies and Saudi interest in investing in sectors such as tourism, industry, agriculture and energy.
"Saudi businesspeople are very interested and want to find the right way to invest in Portugal," said Alwalid Albaltan in Riyadh, where a two-day visit by the Minister of Economy and Territorial Cohesion, Manuel Castro Almeida, begins today to strengthen bilateral economic relations.
The Saudi Arabia-Portugal Business Council and its Portuguese counterpart began working about a year ago to promote investment, organising business missions and information sessions on business in both countries.
"We created this foundation, and now we can see the results," commented Alwalid Albaltan, citing the recent increase in high-level visits by Portuguese authorities to the country, such as last month's visit by the foreign minister, Paulo Rangel, and now the minister of economy.
"This shows that this foundation is building something big for the future. It is hard work and will take some time, but everything is coming together in that direction," said the businessman.
The Saudi official recalled that Portugal, together with Spain and Morocco, is organising the World Cup in 2030 and, four years later, Saudi Arabia will take on that task.
"This is the time to launch tourism," he stressed.
In the same vein, the president of the Portugal-Saudi Arabia Business Council, Abílio Alagôa da Silva, highlighted to Lusa the business opportunities for Portuguese companies in this Middle Eastern country.
"The next 10 years will be ones of great prosperity" in Saudi Arabia, argued the Portuguese businessman, who pointed to the "transformative" capacity of the so-called “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; Qiddiya, a future entertainment and sports hub, which will include the future Al Nassr stadium and training centre; King Salman Park, which is set to become the largest urban park in the world, in the Saudi capital; the futuristic city of NEOM; and luxury tourism projects on the Red Sea coast.
"There is a wave now, and we have to take advantage of it," said the Portuguese businessman.
Alagôa da Silva also stated that the Saudis have "a great affinity" with the Portuguese.
Portugal also has an informal "ambassador" in this country: footballer Cristiano Ronaldo, who currently plays for the Saudi club Al-Nassr.
"He has done a lot to bring the two countries closer together. We love him and already see him as a Saudi," said the Saudi businessman.
Riyadh is today hosting a business and investment forum, attended by the Portuguese minister and his Saudi counterpart, Faisal bin Fadhil Alibrahim, with around 50 Portuguese companies and more than 200 Saudi companies participating.
During this meeting, 15 memoranda of understanding will be signed in different sectors of the economy.
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.
*** The Lusa news agency travelled at the invitation of the Ministry of Economy and Territorial Cohesion *** JH/ADB // ADB.
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