RIYADH: Portugal is looking to expand its economic presence in Saudi Arabia as Riyadh’s Vision 2030 reforms accelerate opportunities across energy, tourism, construction, and consumer sectors, the country’s Economy Minister Manuel Castro Almeida said.
Speaking to Arab News in Riyadh, Castro Almeida said the scale of Saudi Arabia’s economic transformation is drawing growing interest from Portuguese companies seeking international expansion. “Vision 2030 is a very big opportunity for us,” he said, pointing to immediate prospects in home-related manufacturing, construction, infrastructure, agri-food, renewable energy, fashion, and tourism.
The minister said ties between the two countries remain early but are only at the beginning of what Lisbon expects will develop into a long-term economic partnership.
Energy opportunities
Among the sectors highlighted by the minister, renewable energy stands out as one of the most promising pillars of future cooperation. Portugal ranks among Europe’s clean-energy leaders — fourth after Norway, Denmark, and Austria — and generated 75.2 percent of its electricity from renewable sources as of January 2025.
Castro Almeida elaborated on Portugal’s aims to raise its leading percentage to 100 percent renewable energy in the upcoming years. “We have highly specialized human resources in renewable energy and energy efficiency,” Castro Almeida said. “There are many opportunities for Saudi investment in this field and Saudi capital is very welcome.”
He added that Portuguese firms active in markets such as the US are also evaluating Saudi Arabia for expansion, supported by government incentives at home.
The minister proceeded to encourage dialogue between companies as a means of pursuing a fruitful partnership in energy between Portugal and the Kingdom, stating: “The first dialogue must be between the enterprises. Once they see a viable opportunity, the government will support them fully.”
Tourism and cultural sectors
As the minister elaborated on the diverse sectors that guide investment and partnership between Portugal and Saudi Arabia, he underlined the tourism industry as a focal point of future collaboration — especially in terms of cultural exchange.
“It is a field for good cooperation and training of people in tourism services from high levels… There are many opportunities in Portugal for investment by Saudi enterprises in tourism,” he added, after sharing that Portugal possesses highly specialized human capital with expertise in the tourism and hospitality sector.
As tourism continues to bloom in the Kingdom, Portuguese cultural exchange takes many shapes, but at the forefront are the sports and fashion sectors.
Castro Almeida took a moment to reflect on the power of sports in tourism as he recalled how Cristiano Ronaldo’s move to the Kingdom reshaped global attention: “The image of Saudi Arabia in Portugal, Europe, and all over the world has changed,” alluding to the Kingdom’s increased visibility on the global stage as a result of the footballer’s arrival.
Likewise, fashion has operated as another ambitious tool of cultural exchange and investment between the two countries. The minister elaborated on the many “fashion capacities” that Portugal possesses, sharing that many luxury Portuguese products are expanding to the Kingdom following the visit, adding that “many of these brands are here for the first time.”
One of the most crucial forces powering the momentum behind this partnership comes from a growing shift among Portuguese companies to explore opportunities in the Kingdom. As Riyadh continues to emerge and establish itself as a global business hub, Portuguese players have been keen on joining the diversifying capital’s economic landscape.
As of January 2025, the Saudi-Portuguese Business Council at the Federation of Saudi Chambers in Lisbon has organized for over 250 Portuguese companies looking to invest in the Kingdom to be enrolled in a training program specialized in market entry.
As these companies learn about foreign investor privileges in Saudi Arabia, their commitment to the market’s promising investment prospects underscores the fulfillment of Vision 2030’s headquarters mission.
When asked about Portuguese companies’ transition into the Saudi market, Minister Castro Almeida explained that as of February, there are Portuguese agencies that help Portuguese enterprises invest in Saudi Arabia, stating: “We cooperate on the investments… In terms of bureaucracy and administrative difficulties, we help speed up the intentions of investment.”
Minister Castro Almeida’s excitement for this visit is one without boundaries, as he hopes to tap into Portugal’s and the Kingdom’s diverse investment opportunities and industries.
“I will be happy if we can increase our exports to Saudi Arabia and if we can receive Saudi investments… We are friends.”
In reference to Portugal’s support for investment, the minister cited the decrease in taxes on profits of enterprises, adding: “The Portuguese government appreciates the investment, and we have nothing against the word profit.”
