Business & Money | Monday 9 March, 2015 7:58 am |

Saudi Arabia and Germany are seeking to develop their economic ties, the SPA news agency reported after talks in Riyadh between officials from the two countries.

“The amount of trade and joint investments does not reflect the economic potential of both countries’ economies,” said Finance Minister Ibrahim Al-Assaf, following the meeting.
German Vice Chancellor and Economy Minister Sigmar Gabriel said his country was ready to boost its role in diversifying the Saudi economy, especially in infrastructure, transport and the petrochemicals sectors, SPA reported.

Bilateral trade between Germany and Saudi Arabia reached $12.4 billion in 2013, of which the Kingdom’s exports to the European powerhouse amounted to a mere $418 million, according to figures provided by Al-Assaf.

The countries have 191 joint projects with a total investment of $17.2 billion, said Al-Assaf, who invited German companies to explore further opportunities in the Kingdom.
After Riyadh, Gabriel’s delegation is to visit the UAE and Qatar.