Saudi Arabia, Spain sign $2.2bn defense deal

Saudi Arabia and Spain signed six agreements to establish military, air transport and technical cooperation between the two countries. (SPA)
Updated 13 April 2018
Follow

Saudi Arabia, Spain sign $2.2bn defense deal

  • Saudi Arabia will buy five small warships from the Spanish state-owned shipbuilder Navantia
  • The crown prince’s trip to Spain follows a two-day official visit to France and a tour of the US, Britain and Egypt

Saudi Arabia and Spain signed a $2.2 billion framework agreement on defense co-operation at a ceremony on Wednesday in the Spanish capital.

The Kingdom will buy five small warships from the Spanish state-owned shipbuilder Navantia, Spain’s army will train Saudi military personnel and contractors will build a naval construction center in Saudi Arabia.

The deal was among a raft of agreements on business, trade and culture reached during the Saudi Crown Prince Mohammed bin Salman’s visit to Spain, which concluded on Wednesday.

Earlier, the crown prince was welcomed by Spain’s King Felipe VI at the Zarzuela Palace on the outskirts of Madrid. The king hosted a luncheon in his honor attended by senior Spanish officials and businessmen. The crown prince then held talks with Defense Minister Maria Dolores Cospedal and Prime Minister Mariano Rajoy.

Spain is a leader in sectors such as renewable energy and infrastructure, which are key to Saudi Vision 2030.

Spanish companies have already won two major infrastructure contracts in Saudi Arabia. A Spanish consortium, Al-Shoula, is building the high-speed railway linking Makkah and Madinah, and the Spanish construction group FCC leads one of three consortia building Riyadh’s rapid transit system.


Diriyah in 2025 — A year of exceptional achievement

Updated 12 sec ago
Follow

Diriyah in 2025 — A year of exceptional achievement

  • Jerry Inzerillo: In 2025, the project reached a pivotal stage, transitioning from laying foundations to large-scale delivery, marking a clear shift from vision to execution
  • Partnerships with The Helicopter Co. and Kakao Mobility advanced smart aerial and ground transportation solutions

JEDDAH: Under the theme “Vision to Reality,” Diriyah has moved beyond aspiration in 2025, translating long-held plans into a tangible, lived experience, according to Jerry Inzerillo, group chief executive officer of Diriyah Co.

Throughout the year, Diriyah Company, the Saudi Public Investment Fund entity developing the Diriyah giga-project, advanced from planning and preparation into delivery. Contracts and agreements exceeding SR24 billion ($6.4 billion) marked a pivotal transition from the establishment phase to early operations. 

Inzerillo told Arab News: “At Diriyah, progress is measured by what is delivered on the ground against the plans we set. In 2025, the project reached a pivotal stage, transitioning from laying foundations to large-scale delivery, marking a clear shift from vision to execution. 

“Together, these achievements reinforce Diriyah’s role as one of the Kingdom’s most important national transformation projects, with growing impact locally and internationally. We remain committed to advancing with responsibility and purpose, transforming ambition into reality and creating a destination that honors history while shaping the future.”

In 2025, Diriyah Co. signed eight major contracts, alongside 16 agreements, reinforcing delivery momentum across multiple development streams. International recognition also continued to grow, with Diriyah earning prestigious global awards and securing positions in influential international rankings, Inzerillo said.

Infrastructure development played a central role in shaping the visitor experience. New road networks were delivered to ensure smooth connectivity between historic districts and contemporary developments.

The company also inaugurated two high-capacity electricity transmission substations, securing the power required to support residents, visitors and a growing portfolio of residential, hospitality, educational and cultural assets. 

Collaboration with Majid Al-Futtaim Group introduced a portfolio of global brands, positioning Diriyah Square as a distinctive shopping and entertainment destination, Inzerillo said. At the same time, Diriyah’s partnerships with the Saudi Contractors Authority and the Saudi Tennis Federation embedded sports, events and professional initiatives into the fabric of urban life. 

Diriyah’s vision extended into the future of mobility and design, Inzerillo said. Partnerships with The Helicopter Co. and Kakao Mobility advanced smart aerial and ground transportation solutions, designed to make movement across the city faster, more efficient and integrated.

Diriyah Company, in collaboration with Pantone, unveiled “Diriyah Tan,” a custom color inspired by the city’s historic mud architecture. More than a visual signature, the color captures Diriyah’s identity, bridging its origins with its contemporary expression.

Diriyah’s excellence was also recognized at the highest international level, Inzerillo said. In 2025, TIME magazine named Diriyah Company among the World’s 100 Most Influential Companies, acknowledging the project’s cultural, economic and urban impact.