LISBON: Thirty Portuguese companies and institutions are set to explore investment, expansion, and partnership opportunities with Saudi Arabia, as part of an intensive economic program accompanying Saudi Health Minister Fahad Al-Jalajel’s visit to Portugal.
The initiative marks a fresh sign of growing Portuguese corporate interest in the Saudi market and a shift in bilateral economic relations toward a stronger focus on investment, business establishment, and technology transfer.
Alwalid Albaltan, chairman of the Saudi-Portuguese Business Council, told Al-Eqtisadiah that the visit’s program includes meetings with 30 Portuguese companies and institutions, alongside government, research, and innovation bodies, to discuss cooperation in healthcare, technology, pharmaceuticals, and innovation, sectors tied to the priorities of Saudi Arabia’s economic transformation.
He explained that these meetings reflect the business council’s push to move economic relations from the stage of exploring opportunities toward building long-term partnerships and investments, noting that Portuguese interest in the Saudi market has grown rapidly in recent times.
The participation of 30 Portuguese companies and institutions forms a central pillar of the economic program, with the meetings aimed at introducing companies to opportunities available in Saudi Arabia and examining prospects for market entry, business establishment, and partnerships with Saudi investors and firms.
The program spans a diverse range of sectors and institutions, including healthcare and technology companies, research and innovation bodies, Portugal’s National Institute of Health, the International Iberian Nanotechnology Laboratory, Catolica Porto Business School, the Higher School of Biotechnology, as well as municipalities, business associations, and innovation networks in Lisbon and Porto.
This diversity reflects the breadth of opportunities Portuguese companies are seeking in Saudi Arabia, an interest that is no longer limited to exporting products but is increasingly oriented toward direct investment, localization, technology transfer, and joint solution development.
Saudi presence grows
Albaltan said the number of Portuguese companies operating in Saudi Arabia has risen from 24 to more than 60 in a short period, a growth he described as reflecting a shift in how Portuguese firms view the Saudi market.
He noted that companies now see Saudi Arabia as a market for long-term growth and investment rather than merely a destination for exporting goods, with rising interest in technology, construction, industry, healthcare, logistics, and energy investment.
He added that this shift coincides with growing Portuguese interest in digital health, artificial intelligence, and healthcare technologies, areas that intersect with Saudi Arabia’s health and economic transformation pathways.
Healthcare takes lead
Healthcare tops the agenda of the economic delegation, coinciding with the Saudi health minister’s visit to Portugal, which began on Aug. 31.
Under the umbrella of the Federation of Saudi Chambers, the Saudi-Portuguese Business Council is leading the council’s first dedicated business delegation focused on the healthcare sector, aimed at exploring investment and partnership opportunities in digital health, clinical AI, hospital and laboratory technologies, and biomedical research and innovation.
These areas are gaining growing economic importance as Saudi Arabia’s private sector expands within the health system and demand rises for specialized technologies and solutions, opening opportunities for Portuguese companies to enter the market through partnerships, investment, or technology transfer.
Four MoUs expected
The council’s chairman revealed that four memoranda of understanding are expected to be signed with Portuguese companies specializing in healthcare: DigestAID, Ciberbit, ITGest, and NB Clinic.
The memoranda aim to establish frameworks for cooperation and explore business development opportunities, including the possibility of setting up operations in Saudi Arabia, supporting the shift from business meetings to actionable projects and partnerships.
Proposed areas of cooperation include joint investment, management and operation of healthcare facilities, technology transfer and licensing, local manufacturing and localization, joint research and clinical trials, as well as training and capacity building.
Trade reaches $797m
The new investment push comes as bilateral goods trade between Saudi Arabia and Portugal reached about $797 million in 2024, up 9.3 percent from 2023.
Portugal’s leading exports to Saudi Arabia include pharmaceuticals, automobiles and auto parts, electrical machinery and equipment, and clothing.
Albaltan views the trade growth as an important foundation, but said the next phase aims to expand economic cooperation through investment, partnerships, company formation, and knowledge and technology transfer, raising the overall economic value of relations between the two countries.
15 deals announced
Over the past 14 months, the Saudi-Portuguese Business Council has stepped up efforts to strengthen business ties between the two countries, organizing Saudi trade delegations to Portugal and hosting five Portuguese delegations in Saudi Arabia.
The council also organized the Saudi-Portuguese Business Forum in Riyadh, which resulted in the announcement of 15 memoranda of understanding, a sign of growing trade and investment activity between the two nations.
The 30-company program represents a new step in this trajectory, with greater emphasis on converting investor engagement into actual business deals and investments.
Vision 2030 opportunity
Albaltan affirmed that Saudi Vision 2030 opens broad avenues for Portuguese companies, particularly in technology, healthcare, industry, tourism, innovation, and specialized services.
He said the Saudi market offers Portuguese companies a chance to participate in one of the world’s largest economic transformations, build a long-term presence in Saudi Arabia, and benefit from the Kingdom's strategic location and regional economic capabilities.
From trade to investment
The participation of 30 Portuguese companies and institutions to explore opportunities in Saudi Arabia reflects a clear shift in the nature of economic relations between the two countries.
After trade long served as the primary axis of the relationship, cooperation is now shifting toward company formation, joint investment, localization, technology transfer, and research and development, driven by the rising number of Portuguese companies operating in Saudi Arabia.
Albaltan said the council’s goal is to build a lasting economic bridge between Riyadh and Lisbon, encouraging companies to invest, establish operations, innovate, and pursue mutual growth, adding that the best chapters in the two countries’ economic relationship are still ahead.
