A Swedish business team is currently in Saudi Arabia, scouting investment chances and economic partnerships. They’re planning to set up a hub or an investment group in the Kingdom, focusing on new ideas and eco-friendly tech.
According to Petra Menander, the Swedish Ambassador to Saudi Arabia, both countries have a strong relationship, especially in economics. Swedish companies have been active in Saudi Arabia since the 1950s, helping with infrastructure and technology.
Speaking to Asharq Al-Awsat, Menander pointed out that small Swedish firms are eager to expand into Saudi Arabia, looking for long-term collaboration in innovation and business.
She also mentioned successful visits to Saudi business projects, showing mutual interest in innovation and tech exchange.
Regarding trade, Swedish exports to Saudi Arabia have increased by over 50% since 2018, with Saudi exports to Sweden rising sharply in 2023 compared to 2022.
Menander expected trade to keep growing, especially in sectors like mining, energy, healthcare, and technology, including areas like agriculture and electric vehicles.
On his part, CEO of Stockholm Fintech Love Dager said that his organization, based in southern Sweden, is helping startups grow globally through their programs.
Moreover, Dager affirmed that Stockholm Fintech sees big chances to work with Saudi companies.
Dager explained that the organization has a network of over 200 investors and partners, supporting more than 900 people. In four years, it helped 140 startups get over $80 million in funding.
He affirmed Sweden’s FinTech industry is strong, adding that companies want to expand globally early.
Highlighting the ambitions of Saudis, Dager said the Kingdom looks promising.
Aliya Sabir, from the HETCH business incubator, mentioned that the organization is encouraging young people in the region to start businesses, aiming for a sustainable future.
Sabir revealed that HETCH has startups with great ideas ready to grow in Saudi Arabia.
