During a recent visit to Portugal, which included meetings with business associations, public entities, and companies, the president of the Saudi Arabia-Portugal Business Council and CEO of the Albaltan Group, Alwalid Albaltan, stated that the goal is to strengthen economic ties between the two countries in both directions.
"SDCI was founded as an investment holding company dedicated to identifying strategic opportunities in Portugal. Its scope is much broader than real estate investment,“ the businessman said in an interview with DN. He added that the company aims to ”establish joint ventures between Portuguese and Saudi companies, support the international expansion of Portuguese companies into Saudi Arabia, facilitate exports, identify local partners, and monitor investments in both directions."
Albaltan’s schedule in Portugal included meetings with organizations such as the Portuguese Business Association (AEP), the National Association of Young Entrepreneurs (ANJE), the Portuguese Chamber of Commerce and Industry (CCIP), Banco Português de Fomento, AIMMAR, Produtech, and CATIM, as well as meetings with companies such as Revigrés, Grupo ACA, Grupo SANA, Tecnimede, LSI Stones, AM Furniture, and Adyta.
“Our focus is not on acquiring these Portuguese companies. The main goal is to create opportunities for these companies to participate in the major projects that are transforming Saudi Arabia,” he emphasizes. According to Albaltan, Portugal possesses expertise that could be valuable at a time when the Gulf nation is investing in construction, tourism, infrastructure, urban development, and manufacturing.
“Portugal has companies with vast experience in engineering, construction, materials, architecture, hospitality, and manufacturing, and we believe that this expertise can play a significant role in the Saudi market.”
A Booming Market
Saudi Arabia’s ambition has been closely watched by international investors, but it has also been met with doubts about the execution of some of its most iconic projects, such as The Line —the futuristic megacity initially presented as the ultimate symbol of the Neom project, which has fallen by the wayside as Riyadh, the country’s capital, and other cities continue to race against time to meet the goals of Vision 2030, a project that aims to position the kingdom as the world’s leading tourist destination. Albaltan, however, rejects the notion that the current challenges represent a setback in the strategy.
“SaudiVision2030 is, of course, a very ambitious project. But it is also an unprecedented process of transformation, and it is normal that, as it is implemented, some projects will be adjusted based on needs, deadlines, or priorities,” he says. “What remains unchanged is the strategy of economic diversification and the development of new sectors, such as tourism, industry, technology, and smart cities,” he emphasizes regarding the initiative aimed at diversifying Saudi Arabia’s economy beyond oil into other areas, such as tourism.
Tourism, in fact, is another area where the group sees potential for a closer relationship with Portugal. Albaltan’s agenda in Portugal included meetings with the SANA Group and contacts related to PortugalFashion, after the Portuguese organization hosted three young Saudi designers last year.
“Both aspects are equally important,” Albaltan replies when asked whether the goal is to bring Saudi capital to Portugal or to take Portuguese expertise to new Saudi tourist destinations. "On the one hand, we want Portuguese companies to participate in the development of major Saudi tourist destinations, bringing their expertise in hospitality, architecture, engineering, tourism management, and services. On the other hand, we also want to attract Saudi investment to Portugal, especially in areas where the country has competitive advantages, such as tourism, housing, construction, and other strategic sectors.”
The most recent data from Trading Economics, for 2025, show that trade between Portugal and Saudi Arabia currently amounts to approximately $200 million per year in Portuguese exports. With this new initiative, these figures are expected to increase, although it is still difficult to predict by how much.
The ‘Ronaldo Effect’
For Albaltan, it is clear that the relationship between Portugal and Saudi Arabia has gained even greater visibility since a certain soccer player joined Saudi soccer in 2023. “Cristiano Ronaldo has played—and continues to play—a very important role in bringing Portugal and Saudi Arabia closer together. His presence has helped raise the country’s international profile and has also sparked the curiosity of many Portuguese businesspeople toward a market that is undergoing a profound transformation,” he notes, explaining, however, that the advancement of business relations will depend on the success of partnerships in other fields.
“Economic relations are built above all on trust, knowledge, and concrete results. When projects aim to generate economic development, create jobs, promote innovation, and improve people’s quality of life, cultural differences cease to be an obstacle and become an opportunity for mutual learning,” he concludes.
Photo credit: © Gustavo Soares | Unsplash
Translated with DeepL.com (free version)
