According to the Federation of Saudi Chambers of Commerce, the establishment of a business council for the 2024–2028 term will strengthen the commercial ties between Saudi Arabia and Portugal.
The General Authority for Foreign Trade has approved the Saudi-Portuguese Business Council, which aims to increase trade and investment prospects between the two nations.
The Saudi Press Agency reports that Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi have been elected as vice presidents and president of the council, respectively, alongside Alwaleed bin Khaled Al-Baltan.
The establishment of this council is consistent with Saudi Arabia’s overarching plan to fortify its commercial relations with European countries.
Based on estimates from the World Bank, Portugal’s GDP in 2023 was $287.08 billion, or 0.27 percent of the world economy. Portugal’s GDP is expected to reach $292.53 billion by the end of 2024, according to Trading Economics, which also projects that it will reach $299.26 billion in 2025 and $305.55 billion in 2026.
“The formation of the council represents a new stage in the economic relations between the Kingdom and Portugal,” Al-Baltan said in his commentary. It will improve trade and investment partnerships and allow the business sectors to take advantage of exciting investment possibilities in both nations.
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