More than a thousand European companies are ready to invest in Saudi Arabia

The European Union Ambassador for the Middle East, Luigi Di Maio, has stated that more than 350 European commercial entities have obtained licenses to relocate their regional headquarters to Riyadh.

According to the economy, they stated, “Several renowned European companies are interested in establishing their head offices in the kingdom.”

“On the other hand, there is also an announcement to consider non-Saudi companies for foreign investment in Saudi Arabia,” they added.

The country’s goal is to have around 480 global companies establish their regional headquarters by 2030.

Furthermore, the European Union Ambassador highlighted the significant partnership between Saudi Arabia and the European Union in terms of bilateral trade.

In 2023, manufacturing, and in 2022, the services sector, saw a combined total trade volume of around 87.91 billion euros, with the fifth part comprising trade in goods, totaling 70.75 billion euros.

They further stated, “More than 1,300 European companies are ready to invest in various developmental sectors in Saudi Arabia, while nearly 25,000 European Union citizens reside in the kingdom.”

Faisal bin Fadel Al-Ibrahim, Minister of Planning and Economic Development, held a press meeting in Riyadh with the European Union Ambassador Luigi Di Maio.

Discussing various projects, they said, “Work has begun on multiple projects through mutual collaboration. European Union companies, possessing skills in various technological fields, are eager to work here.”

The Saudi Minister mentioned that major joint projects in the fields of green hydrogen and renewable energy will be initiated between Saudi Arabia and the European Union.

Ambassador Luigi Di Maio stated, “To promote cooperation in trade and industrial sectors between Saudi Arabia and European countries, the first European Chamber of Commerce in Riyadh will be established in May 2024 in collaboration with the private sector.”

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