Portugal is looking to build a long-term economic partnership with Saudi Arabia – with investment flowing in both directions.
Economy Minister Manuel Castro Almeida says Portugal is keen to expand its economic presence in the Middle East and hopes to attract Saudi money into home-grown industry.
It is looking to its position as one of Europe’s clean-energy leaders to help provide the springboard to future cooperation.
Portugal, he says, is looking to benefit from the Saudi Vision 2030 reforms. A government-backed programme, it includes economic diversification as a key pillar.
Speaking to Arab News, the minister said: “The image of Saudi Arabia in Portugal, Europe, and all over the world has changed,
“Vision 2030 is a very big opportunity for us.
“We have highly specialised human resources in renewable energy and energy efficiency. There are many opportunities for Saudi investment in this field and Saudi capital is very welcome.”
Other key areas of synergy between the two include tourism – particularly through cultural exchange.
Manuel Castro Almeida added: “There are many opportunities in Portugal for investment by Saudi enterprises in tourism.”
Ties between the two countries have already been established.
By the beginning of 2025, the Portuguese–Saudi Business Council, an institutional platform for economic cooperation between Portugal and the Kingdom of Saudi Arabia, had organised for more than 250 Portuguese companies looking to invest in Saudi to undertake a training programme designed to ease entry into the market.
Portugal itself has attracted attention with its Golden Visa residency-by-investment programme, which has brought in €9 billion in investment alone and an estimated €54 billion in economic value.
To find out more about Portugal's Golden Visa programme, contact Portugal Pathways today.
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