Nour Larbi El Bakali
The kingdom of Saudi Arabia, the cradle of the Arab world and the Islam is in the middle of a rejuvenation process. Behind that sudden process, we find the key figure, known as MBS, Mohamed Bin Salman, the crown prince author of the modernization and opening of the doors of such a young country.
These are reforms that have reached all fields. Focusing on the economic one, we find the great oil world exporter that looks for new sources of financing and to leave that historical dependence on oil behind.
We find the most important aspect of bilateral relations between Spain and Saudi Arabia in that area. Saudi Arabia is Spain’s main partner in the Middle East, with exchanges fluctuating between 5 and 7 billion euros. In this context, Spain plays a key role, since it cooperates in the country’s diversification through the execution of projects at a very competitive price.
Spanish companies have a strong presence in macro-projects of railway equipment supply: the high speed train between Medina and Mecca, and the participation in the construction of Riyadh’s underground.
Key fields for future businesspeople and investors choosing Saudi Arabia as destination are those relating to the production and depuration of water, as well as the exploitation of renewable energy.
As for cultural projects, Saudi Arabia is back to 1979 again; all the activity based on the film, theatre, sport and communication industries is of interest. That should be translated into clear opportunities for Spanish companies.
The project Visión 2030 looks for novelties and creativity through a tolerant and relaxed model
The Spanish League signed an agreement in February with the Saudi Football Federation. Initiatives as this one are those strengthening relations between both kingdoms. Relations between Saudi Arabia and Spain are currently characterized by an increasing dynamism, although they are still far from using all their potential.
In short, the Spanish foreign economic action must work assuming this new reality of the Saudi economy focusing on the new project of the crown prince, Vision 2030, which looks for novelty, creativity and imagination through a much more tolerant and relaxed model.
A common cultural ancestor, the heritage of Al Andalus, the great friendship between both Royal Households… There many things shared by Spain and Saudi Arabia. Therefore, Spain’s Ambassador to Saudi Arabia, Álvaro Iranzo, in a recent speech before the Chamber of Commerce, invited all Spanish businesspeople to go there and know the country personally.
16/03/2018. © All rights reserved.