Saudi investors eye Portugal as "gold" amid strengthening economic ties

Portugal's "institutional stability and credibility" are proving a major draw for Saudi Arabian investors, according to a leading figure in bilateral business relations between the two countries.

Alwalid Albaltan, president of the Saudi-Portugal Business Council (SPBC), has described Portugal as "gold" in terms of its investment potential, following a series of visits aimed at strengthening economic links between the nations.

Speaking to Portuguese publication Executive Digest, he said: "Portugal has a huge business potential, which we intend to explore in an increasingly close way.

"Following visits I have made to Portugal, it has been possible to identify a clear set of priority sectors: housing, green energy, infrastructure and, increasingly, technology and AI.

"Portugal has recognised skills in these areas and an execution strategy that is particularly valued by Saudi investors.

"But the Portuguese potential is not limited to two or three sectors. In our view, Portugal is gold."

The SPBC, which represents the business interests of both countries, has more than 70 members and has carried out numerous visits to Portugal to date. Albaltan recently concluded a round of meetings in Lisbon and Porto, holding discussions with a number of organisations, including the Portuguese Chamber of Commerce and Industry, AEP, ANJE and AIMMAP.

He added: "The balance is positive and the future auspicious. I hope the next few years will confirm this trajectory, with more consistent Saudi investment in Portugal and more Portuguese companies entering the Saudi Arabia market."

The strengthening of ties is already visible in concrete terms. ANJE (the Portuguese Association for Young Entrepreneurs) has established an office in Saudi Arabia, while AICEP, Portugal's Trade and Investment Agency, now has representatives based in the kingdom.

Albaltan also revealed that the SPBC has launched its first Portuguese venture, SDCI (Strategic Deals Company for Investment).

He concluded: "On our side, there is a great deal of willingness to make things happen."

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