Spain invests $3B in Saudi Arabia, new agreement to be sealed in May: Al-Hogail

Investments between Saudi Arabia and Spain are experiencing significant momentum. The value of Spanish investment in the Kingdom has exceeded $3 billion over the past decade, with 40% of it relating to the real estate sector, Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail, said in a statement.

During the Saudi-Spanish Business Forum in Madrid that the bilateral relations between the two countries achieved many positive outcomes, which had a positive impact on development, investment, and service development.

This includes sectors such as construction, civil engineering, construction, financial activities, energy, and desalination. Al-Hogail noted that Saudi Arabia and Spain are experiencing rapid developmental advancements, tangible progress across all levels, which makes investment opportunities and trade exchange between them stimulating and attractive.

Meanwhile, he emphasized the importance of continuing cooperation and exchanging expertise to serve this vital sector, affirming that the Kingdom welcomes extending bridges of cooperation with successful international experiences and benefiting from distinguished expertise.

Saudi Arabia is working according to clear plans and targets outlined in Vision 2030, which has formed a roadmap for all developmental sectors that serve both the economic and social aspects. These efforts are currently bearing tangible fruits and results, and the Kingdom continues to work towards achieving more successes and accomplishments for a vibrant society, an ambitious nation, and a thriving economy.

Al-Hogail also unveiled that a a real estate development agreement will be signed next month with a Spanish real estate development company to build residential units within integrated residential communities and suburbs that consider quality and standards of living.

This move will contribute to achieving one of the most important targets of increasing the homeownership rate to 70% by 2030. He expressed the ministry's aspirations to enhance partnerships with developers and investors in the construction, roads, and recycling sectors, in addition to engineering and consulting companies.