Saudi investors are eyeing Portugal as a prime destination for new business, with one leading figure describing the country as a “diamond in Europe” that remains largely undiscovered by Middle Eastern investors.
A high-level Saudi business delegation is currently in Portugal on a six-day mission aimed at strengthening economic ties and unlocking new investment opportunities. The visit, organised for the third time by the Saudi Arabia–Portugal Business Council, brings together public decision-makers, business leaders and investors.
The delegation’s agenda includes meetings in Lisbon and Porto with major Portuguese companies such as Mota-Engil, Tecnimede – which plans to enter the Saudi market by 2028 – and Grupo Castro, as well as talks with the Confederation of Portuguese Business (CIP), AICEP and several local authorities, including Lisbon, Cascais, Oeiras, Matosinhos and Vila Nova de Gaia.
“The idea is to explore opportunities, build bridges with the private sector and identify the right investments so Saudi investors can enter Portugal by the end of this year,” Alwalid Albaltan, president of the Saudi Arabia–Portugal Business Council, told Jornal Económico.
Now entering its second year, the council has already facilitated multiple bilateral meetings and agreements. Saudi exports to Portugal exceeded 131 million dollars in 2024, and at the end of last year, Portugal’s Economy Minister, Manuel Castro Almeida, described the country as “highly attractive for foreign investment” during a visit to Riyadh.
Albaltan believes Portugal has been overlooked by Middle Eastern investors, despite strong potential. “Portugal is a diamond in Europe,” he told Jornal Económico. “There are many opportunities to explore, especially among SMEs, and in sectors such as real estate, artificial intelligence, construction, tourism and renewable energy.”
A key moment of the visit comes this Friday with the signing of an agreement between the Eastern Region Municipality of Saudi Arabia and the municipality of Vila Nova de Gaia. The deal aims to promote cooperation in urban investment, infrastructure development, public-private partnerships and the exchange of expertise.
According to Albaltan, it is one of the first agreements of its kind between regional authorities in the world. “It will allow for an exchange of knowledge and will promote access to opportunities and training programs for both sides. It is an act of high-level cooperation,” he said.
Under the strategic partnership, the two sides agreed to promote municipal investments with economic and social impact, attract investors for urban and infrastructure projects, exchange specialised knowledge in the development and management of investment opportunities, and support public-private partnership (PPP) models.
The week also saw the signing of a long-term partnership between Portugal’s National Association of Young Entrepreneurs (ANJE) and the Saudi Strategic Deals Company for Investment (SDCI), creating a platform to support Portuguese entrepreneurship, innovation and expansion into the Saudi market.
