A group of Spanish companies have expressed willingness to enter into partnership with their Saudi counterparts to set up plants for production of solar energy to meet local demand and export to foreign countries, a senior diplomat at the Spanish Embassy said.
Spanish Commercial Attache Juan Bordeal, speaking at a meeting organized by the Spanish trade mission in Riyadh, said the Spanish companies targeted the Kingdom for being the biggest world oil consuming country to produce energy, which makes it imperative to find alternatives. The Spanish companies see Saudi climate gives good catalysts to help expand solar energy production and meet foreign and local demand, he added.
He said a delegation representing key Spanish industrial firms has recently explored investments opportunities in clean and renewable energy, briefed on documents to be issued by King Abdullah City for Atomic and Renewable Energy (KACARE) on the volume of the required energy as well as aspects of business cooperation with the Saudi-Spanish Business Council (SSBC).
The Spanish diplomat said there were nine joint investment projects between Saudi and Spanish businessmen worth $ 143 million (SR 536.25 million).
He cited a study recently conducted by the Paris-based International Energy Agency (IEA), which says that Saudi Arabia will, in the coming 20 years, face an increased demand on oil for local consumption. However, its plans to use energy alternatives will positively boost its oil exports and stabilize economy since oil is its major income source.
Chairman of SSBC Abdullah Al-Rashid said Saudi businessmen and their Spanish counterparts in the private sector have worked out a plan aimed at bolstering business and investment cooperation and enhancing trade exchange between the two countries which currently stands at 7.5 billion euros.
The volume of trade between the two countries is expected to witness an outstanding growth in the next three years, he said.
Saudi Arabia is reportedly Spain’s third largest Arab partner and ranked 12th among the exporter countries to Spain from outside the European Union (EU) countries. The scope of trade between the two countries covers chemical and metal products, plastics, fabrics and textiles, medical and surgical supplies, and wooden products.
Spanish firms target Saudi solar energy sector
Spanish firms target Saudi solar energy sector
Multilateralism strained, but global cooperation adapting: WEF report
DUBAI: Overall levels of international cooperation have held steady in recent years, with smaller and more innovative partnerships emerging, often at regional and cross-regional levels, according to a World Economic Forum report.
The third edition of the Global Cooperation Barometer was launched on Thursday, ahead of the WEF’s annual meeting in Davos from Jan. 19 to 23.
“The takeaway of the Global Cooperation Barometer is that while multilateralism is under real strain, cooperation is not ending, it is adapting,” Ariel Kastner, head of geopolitical agenda and communications at WEF, told Arab News.
Developed alongside McKinsey & Company, the report uses 41 metrics to track global cooperation in five areas: Trade and capital; innovation and technology; climate and natural capital; health and wellness; and peace and security.
The pace of cooperation differs across sectors, with peace and security seeing the largest decline. Cooperation weakened across every tracked metric as conflicts intensified, military spending rose and multilateral mechanisms struggled to contain crises.
By contrast, climate and nature, alongside innovation and technology, recorded the strongest increases.
Rising finance flows and global supply chains supported record deployment of clean technologies, even as progress remained insufficient to meet global targets.
Despite tighter controls, cross-border data flows, IT services and digital connectivity continued to expand, underscoring the resilience of technology cooperation amid increasing restrictions.
The report found that collaboration in critical technologies is increasingly being channeled through smaller, aligned groupings rather than broad multilateral frameworks.
This reflects a broader shift, Kastner said, highlighting the trend toward “pragmatic forms of collaboration — at the regional level or among smaller groups of countries — that advance both shared priorities and national interests.”
“In the Gulf, for example, partnerships and investments with Asia, Europe and Africa in areas such as energy, technology and infrastructure, illustrate how focused collaboration can deliver results despite broader, global headwinds,” he said.
Meanwhile, health and wellness and trade and capital remained flat.
Health outcomes have so far held up following the pandemic, but sharp declines in development assistance are placing growing strain on lower- and middle-income countries.
In trade, cooperation remained above pre-pandemic levels, with goods volumes continuing to grow, albeit at a slower pace than the global economy, while services and selected capital flows showed stronger momentum.
The report also highlights the growing role of smaller, trade-dependent economies in sustaining global cooperation through initiatives such as the Future of Investment and Trade Partnership, launched in September 2025 by the UAE, New Zealand, Singapore and Switzerland.
Looking ahead, maintaining open channels of communication will be critical, Kastner said.
“Crucially, the building block of cooperation in today’s more uncertain era is dialogue — parties can only identify areas of common ground by speaking with one another.”
