According to the Federation of Saudi Chambers of Commerce, establishing a business council for the 2024–2028 term will strengthen the commercial ties between Saudi Arabia and Portugal.
The General Authority for Foreign Trade has approved the Saudi-Portuguese Business Council, which aims to increase trade and investment prospects between the two nations.
The Saudi Press Agency reports that Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi have been elected as vice presidents and president of the council, respectively, alongside Alwaleed bin Khaled Al-Baltan.
The establishment of this council is consistent with Saudi Arabia’s overarching plan to fortify its commercial relations with European countries. Based on estimates from the World Bank, Portugal’s GDP in 2023 was USD 287.08 billion, or 0.27% of the world economy. After projecting USD 299.26 billion in 2025 and USD 305.55 billion in 2026, Trading Economics predicts that Portugal’s GDP will be USD 292.53 billion by the end of 2024.
“The foundation of the council symbolises a new milestone in the economic relations between the Kingdom and Portugal,” Al-Baltan said in his commentary, adding, “It will improve trade and investment partnerships and allow the business sectors to take advantage of exciting investment possibilities in both nations.”
He went on to say that to create an atmosphere conducive to investment, the council will set clear goals and work with government organisations. Portugal received SR1.1 billion in imports from Saudi Arabia in 2023, compared to SR1.7 billion in exports to Portugal (USD 453 million). Key industries for cooperation, according to the council, are renewable energy, technology, infrastructure, agriculture, and tourism.
Al-Baltan emphasised that these prioritised sectors, especially those in line with “Saudi Vision 2030,” will be the centre of attention for the council’s action plan. He said that the council would seek to find markets and investment opportunities in both nations, take advantage of trade agreements and comparative advantages, and make it easier for Portuguese businesses to enter the Saudi market, which is one of the top 51 international markets for Portuguese exports.
The Saudi and Portuguese federations signed a memorandum of agreement in 2021, which led to the council’s formation. On August 27, the council’s formal operations began. This is a big step forward for corporate cooperation between the two countries.
A USD 1 billion trade volume resulted from a 50% rise in Saudi exports to Portugal and a nearly 40% increase in imports from Portugal between 2021 and 2022. As Saudi Minister of Economy and Planning Faisal Al-Ibrahim pointed out in his speech at the Portuguese-Saudi Investment Forum in Lisbon in October 2023, this increase highlights the possibility of a closer partnership.