Kingdom-Spain ties: Both countries share common stances on many issues

King Salman receives King Felipe VI of Spain at Al-Yamamah Palace in Riyadh on Sunday. (SPA)
Updated 16 January 2017

Kingdom-Spain ties: Both countries share common stances on many issues

RIYADH: Saudi-Spanish relations are based not only on traditional friendship and mutual respect, and ties between the two countries, but have progressed into deeper relations when culminated by the exchange of visits at the highest levels.
At different times the two countries witnessed the exchange of royal visits, strategic partnerships, and signed bilateral deals, which covered many areas.
The two countries have shared common stances toward many global and regional issues, notably the peace process in the Middle East to which the two countries played an outstanding role: Spain through the Madrid Peace Conference (1991) and Saudi Arabia through the Arab Peace Initiative proposed by King Salman (crown prince at the time) which later developed into an Arab initiative and adopted by the Arab Summit in Beirut, Lebanon, in March 2002.
In acknowledgment of the position of Spain, the late King Abdullah bin Abdul Aziz patronized the international conference on dialogue between followers of the faiths in Madrid in July 2008. More than 200 figures representing Muslims, Christians, and Jews attended the event.
In recognition of his historic visit to Spain, the former king, Juan Carlos, awarded the late King Abdullah the Order of the Golden Fleece, the highest Spanish chivalric honor that is held by fewer than twenty other worldwide figures.
The former King Juan Carlos was a frequent guest of the Saudi royal house in his final years as the ruling monarch, visiting the country five times between 2006 and 2014. His close relations reportedly helped a Spanish company win a contract in 2011 to develop the $7 billion (SR26b) high-speed railway between the two holy cities of Makkah and Madinah. Spain’s military ties to Saudi Arabia have since increased to become the fourth-biggest exporter of arms to Riyadh.
To enhance relations between the two countries, a series of deals were signed including, among others, the following:
l A general agreement on economic, investment and technical cooperation
l A cultural agreement covering higher education, research, languages and cooperation between universities (1984)
l A joint aviation agreement (1988)
l A memo of understanding (MOU) for political consultations between the foreign ministries of the two countries (2006)
l An agreement to encourage and protect investments in both countries through the provision of regulatory and legal bases
l The establishment of a Saudi-Spanish infrastructure fund with a capital of $1 billion (SR3.75 billion) to finance infrastructure projects in the Kingdom
l An agreement to avoid double taxation in both countries
l A MOU in the health fields between the two countries
l A cooperation program in the area of tourism
On the economic side, an investment fund worth $5 billion (SR18.75 billion) was established by businessmen of the two countries for joint investments. The volume of trade between the two countries annually amounted to more than $3.5 billion (SR13.12 billion), and focused on many commodities including chemicals, metal products, medical supplies, and wooden products, among others.
To show close historical and cultural ties between the two countries, an exhibition titled “From Qurtuba to Cordoba” was organized in Riyadh in 2013.
In his statement at the time, Spanish Ambassador Joaquín Pérez-Villanueva, told the media that the exhibition revived the heritage of Muslims and their rich civilization, which is still preserved and present in the city of Cordoba.
Opening the event, Prince Sultan bin Salman, the head of Saudi Commission for Tourism and Antiquities (SCTA), emphasized the role of the exhibition in strengthening cultural relations between the governments of the two countries.
The prince highlighted how this event reflected the common ties shared between the people of Spain and the Kingdom.

Forum aims to boost Saudi-Japan trade ties

Updated 18 June 2019

Forum aims to boost Saudi-Japan trade ties

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.