Saudi Arabia is set to enhance economic ties with Eastern Europe through a new regional business council, aiming to unlock investment opportunities. The Federation of Saudi Chambers has announced the council for the 2024-2028 term.
Hashem Al-Zahrani will chair the council, with Marwan Al-Mutlaq and Abdullah Al-Bassami serving as vice-chairmen. This initiative aligns with the Kingdom’s Vision 2030 to expand investment prospects and strengthen trade partnerships.
Al-Zahrani emphasized the council’s role in fostering cooperation between Saudi Arabia and Eastern European countries, focusing on sectors relevant to Vision 2030 and the economic agendas of these nations. This effort is expected to offer significant opportunities for Saudi investors.
Business councils under the Federation of Saudi Chambers, comprising Saudi and international investors, are crucial in enhancing the Kingdom’s global economic relationships. Recently, Saudi Arabia and Poland established a joint business council for the 2024-2028 term to boost bilateral trade and investment.
The Saudi-Polish Business Council, formed by the General Authority for Foreign Trade, appointed Abdullah bin Mohammed Abu Dubeil as chairman and head of the executive committee. This move is part of Saudi Arabia’s strategy to strengthen economic links with Europe, particularly with Poland.
In recent months, Saudi Arabia has also formed business councils with countries like Portugal, Uruguay, Ethiopia, Canada, Nigeria, Indonesia, and Malaysia. These initiatives aim to enhance the Kingdom’s global economic connections and foster diverse investment opportunities.
The Federation of Saudi Chambers of Commerce and Industry, based in Riyadh, represents 28 Saudi Chambers. It advocates for their common interests, represents them locally and internationally, and supports the private sector’s role in advancing the national economy.