Saudi Arabia and Spain Sign MoU to Strengthen Economic Cooperation

Riyadh, The Gulf Observer: The Kingdom of Saudi Arabia and the Kingdom of Spain have taken a significant step toward deepening their bilateral economic relations with the signing of a memorandum of understanding (MoU) on Wednesday in Riyadh.

The agreement was signed by Saudi Minister of Economy and Planning, Faisal Alibrahim, and the visiting Spanish Minister of Economy, Trade, and Business, Carlos Cuerpo Caballero.

The MoU aims to enhance cooperation across a range of strategic economic areas, including the exchange of expertise in economic modeling and policymaking, fostering partnerships to support small and medium-sized enterprises (SMEs), and facilitating joint projects and participation in bilateral and international economic events.

Key components of the agreement also include the mutual exchange of information and statistics in sectors such as industry, technology, and innovation. The collaboration aligns with the objectives of Saudi Vision 2030, the Kingdom’s roadmap for economic diversification and sustainable development.

During their meeting, Ministers Alibrahim and Caballero reviewed the agenda for the upcoming fourth session of the Saudi-Spanish Joint Commission and discussed pressing regional and global economic developments of shared concern.

The agreement marks a new chapter in Saudi-Spanish economic ties and reflects both nations’ commitment to expanding cooperation in line with their respective national development strategies.