Saudi Arabia’s Investment Minister, Eng. Khalid Al-Falih, inaugurated the Saudi-European Investment Forum in Riyadh. The event brought together over 1,000 representatives from both governmental and private sectors. Eng. Al-Falih emphasised the transformation and diversification of Saudi Arabia’s economy, highlighting the strong partnership with European Union (EU) countries.
More than 1,300 European companies are investing in Saudi Arabia, while there are significant Saudi investments in various EU countries. Foreign direct investment from the EU in Saudi Arabia has shown substantial growth across various sectors in 2022, and trade volume between Saudi Arabia and the EU reached €80 billion in 2022, marking a 30% annual growth.
The forum covered topics such as clean energy, net-zero industries, natural resources, transportation, infrastructure, mining, manufacturing, supply chain, tourism, culture, sport, small and medium-sized enterprises (SMEs), entrepreneurship, the medical sector, industry, biotechnology, the digital economy, and artificial intelligence.
The event also included the signing of agreements and memoranda of understanding in various fields between governmental and private agencies.