The CEO of International CEOE, Marta Blanco, took part today in a business meeting on Investment Opportunities in the Al-Khair Industrial City of Saudi Arabia, held at the Hotel Villamagna. The Director of Industrial Investments of the Royal Commission for Jubail (on behalf of Ahmed Zaid Hussain, general director of the Investment Development Sector of the Royal Commission for Jubail, Saudi Arabia), Mohammed Saleh Alzahrani; the head of the Department of Political, Economic and Media Affairs of the Embassy of the Kingdom of Saudi Arabia in Spain, Fahad Almunaer; the general director of Industrial Technology and Professional Services of ICEX, Ínigo Gil-Casares; the director of the metal sector at the General Investment Authority of Saudi Arabia (SAGIA), Mohammad Maghraby; the director of the Business Development department of the Royal Commission of Jubail, Abdullah Yassin Al-Eid; and IDOM partner and director of the Ras Al-Khair Marketing Studio, Ibai Corera.
The event was organized by the Royal Commission of Jubail and Yanbu, in collaboration with the General Investment Authority of Saudi Arabia (SAGIA), the Saudi Industrial Investment Company (Dussur) and the Embassy of that country in Spain.
During her speech, the president of CEOE International, Marta Blanco, highlighted the importance of the meeting to identify new business opportunities for Spanish companies in Saudi Arabia. In addition, he highlighted the excellent relations that CEOE maintains with the Embassy of the Saudi Kingdom, as well as the intense work being carried out by the Business Confederation to promote bilateral cooperation and in third markets.
Bilateral relations
With regard to bilateral relations, Marta Blanco stressed that, in 2019, Spanish exports amounted to 1,702 million euros, while imports reached 3,893 million euros. Bilateral trade flows, he said, show a deficit for Spain, mainly due to its dependence on imports of oil and petroleum products from the country.
Regarding Spanish investment in Saudi Arabia, the president of CEOE International said that she is very concentrated in the metallurgy sector, the manufacture of iron and steel products, reaching 72% of the total. On the other hand, he added, Saudi Arabia's investment in our country is mainly concentrated in the rubber and plastic products manufacturing sector (77%). In this regard, Blanco said that, although in recent years both countries have deepened their economic relations, there is still ample room for improvement. In addition, he informed that there is an Investment Promotion and Protection agreement of 2016 and another to avoid double taxation, signed in 2008, from which both countries should take full advantage.
G20 / B20 in Saudi Arabia
The president of CEOE International highlighted our belonging to the B20 and the important role of companies in making recommendations for the G20, whose fifteenth summit will be held on November 21 and 22 in Riyadh. It will be the first time that Saudi Arabia leads the G20 and Blanco said that the country will undoubtedly take advantage of this opportunity, to highlight the achievements of Vision 2030, a plan promoted by the Government, to modernize the economy and improve the country's image in abroad.
Ras Al Khair, industrial city
Marta Blanco highlighted the ambitious project Ras Al Khair Industrial City, which will make Saudi Arabia an important industrial hub and allow the modernization of the economy and the development of the Region. “We wish that many of the Spanish companies, leaders in key sectors, such as engineering, infrastructure, energy or rail, can contribute their experience and know-how to the development of this project and, thus, achieve that Saudi Arabia reinforces its competitive advantages "He concluded.
