Riyadh – Sharikat Mubasher: European investments in Saudi Arabia are expected to grow significantly over the next five years, spanning green energy, metals, critical raw materials, advanced industry, and the digital sector, according to Christophe Farnaud, the EU ambassador to Saudi Arabia.

Farnaud confirmed to Al-Eqtisadiah that an upcoming memorandum of understanding in the energy sector will create a structured framework for cooperation in energy transition and sustainability, boosting investor confidence in the long-term partnership between the EU and the Kingdom.

Trade between Saudi Arabia and the EU reached €90 billion ($105.6 billion) in 2024, making the EU Saudi Arabia’s second-largest trading partner. The EU also remains the largest foreign investor in the Kingdom, holding 29% of total foreign direct investment stock, equivalent to €30.7 billion in 2023.

The ambassador noted that 2,500 European companies currently operate in Saudi Arabia, highlighting the depth of European business presence in the Kingdom. Major European firms are participating in strategic projects such as the Riyadh Metro, while investments are concentrated in transport, energy, industry, tourism, education, and training.

Farnaud added that European investors are increasingly attracted to Saudi tourism opportunities under Vision 2030, including projects like NEOM, AlUla, the Red Sea Project, and Diriyah, with leading companies such as Accor and Kempinski already engaged in the sector.