The Ministry of Economy and Planning of Saudi Arabia and the Ministry of Economy, Trade, and Business of Spain signed a memorandum of understanding (MoU) to exchange expertise and strengthen economic relations between the two countries.
The agreement, SPA reported, was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.
This MoU outlines several areas of cooperation, including coordination in economic modeling and policymaking, support for small and medium-sized enterprises (SMEs) through joint partnerships and programs, and the facilitation of joint projects and participation in economic events. Additionally, it includes the exchange of information and statistics in fields such as industry, technology, and innovation, aligning with the goals of sustainable development and Saudi Vision 2030.
Key trade figures
As of 2024, the bilateral trade between Saudi Arabia and Spain has demonstrated significant activity, with Spain exporting a diverse range of goods to Saudi Arabia. The total exports for 2024 are approximately $1.5 billion. Major export categories include machinery, nuclear reactors, and boilers, valued at $396.84 million; electrical and electronic equipment at $175.14 million; articles of iron or steel at $127.93 million; vehicles (excluding railway and tramway) at $102.42 million; vegetable, fruit, and nut food preparations at $119.50 million; pharmaceutical products at $78.18 million; and essential oils, perfumes, and cosmetics at $85.03 million.
In 2023, the trade volume was lower; however, the growth trajectory indicates a robust increase in exports as Spain strengthens its economic ties with Saudi Arabia. Projections for 2025 suggest continued growth, particularly in technology and renewable energy sectors, aligning with Saudi Arabia’s Vision 2030 initiative, which emphasizes the diversification and modernization of its economy.
