RIYADH: Through a first-of-its-kind project, Saudi Arabia and Portugal hope to raise awareness of their respective investment policies in order to expand trade. The Saudi-Portuguese Business Council and Ibrahim Al Howishel Law Firm inked a memorandum of agreement to make it easier for Portuguese businesses to enter the Kingdom, as announced by the Federation of Saudi Chambers.
The MoU will also serve as a legal counsellor to entice regional businesses to invest in Portugal. It will be the first of its sort among the federation’s Saudi foreign business councils. By educating them about the Kingdom’s favourable developments, investment climate, and regulatory framework, it seeks to attract more foreign investors. The newly inked Memorandum of Understanding is in line with Saudi Arabia’s Vision 2030, which seeks to increase international economic relations and draw in foreign investment, according to Walid Al-Balhan, chairman of the Saudi-Portuguese economic Council.
He added that by answering investor questions and offering regulatory advice, the advisor will boost the confidence of Portuguese businesses wishing to conduct business in the Kingdom. He thanked the relevant government agencies and the Federation of Saudi Chambers for their support of the council’s efforts. As per the agreement, both sides will engage with the Kingdom’s authorities to organise workshops for Portuguese companies that are considering doing business in Saudi Arabia.
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