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Saudi Arabia, Belgium, Luxembourg Establish Business Council

The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
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Saudi Arabia, Belgium, Luxembourg Establish Business Council

The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)

The Federation of Saudi Chambers and the Arab-Belgian-Luxembourg Chamber of Commerce signed a memorandum of understanding (MoU) to establish the Saudi-Belgian-Luxembourg Business Council to promote and expand intra-regional trade and boost investment cooperation between the three countries.

Deputy Ambassador of Belgium to Riyadh, Elisa de Raes, explained that the Belgian business sector, with about 90 Belgian and Luxembourgish companies in six main sectors, targets investment opportunities and commercial partnerships.

She stated that Belgian companies have the experience, knowledge, and technology necessary to enter into projects in the Kingdom.

The council, which was announced during the Saudi-Belgian-Luxembourgian Business Forum in Riyadh, carries out commercial and promotional activities in the fields of trade, investment, and technology transfer systematically, with a focus on the targeted sectors.

It also provides Saudi, Belgian, and Luxembourgian businesspeople with a platform to present themselves, promote their businesses, and build commercial relationships.

Secretary-General of the Federation of Saudi Chambers Tariq al-Haidari explained that the coronavirus pandemic significantly impacted the intra-regional trade volume in 2020 to about $4.5 billion, compared to $7.2 billion in 2019.

Haidari indicated that the volume of trade exchange during the fourth quarter of 2021 increased by 54 percent to reach $1.7 billion, compared to the same quarter of the previous year.

He underscored the strength of the Saudi economy, noting that the real GDP increased 3.3 percent in 2021, compared to a 4.1 percent decrease in 2020.

The increase resulted in the economy recovering from the pandemic through the growth of non-oil activities by 6.6 percent, government services activities by 1.5 percent, and oil activities by 0.2 percent.

Arab-Belgian Chamber of Commerce Secretary-General Caesar Hijazin said the Belgian-Luxembourg trade mission is the largest and first after the pandemic, as it includes many companies.

He indicated that the Saudi economy is among the G20 countries and the largest in the Middle East, which provides Belgian and Luxembourgian investors with significant investment and export opportunities.

Advisor on International Affairs at the Luxembourg Chamber of Commerce Edith Stein highlighted the positive changes in the Kingdom on all levels, especially the economy.

Stein expressed Luxembourgian companies' interest in entering the Saudi market, exploring investment opportunities, and sharing their experiences in various sectors.

She expected the forum to contribute to paving the way for future cooperation and building new partnerships, calling on Saudi investors to visit Luxembourg and see available investment opportunities.

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Business

Experts Say US Partnership to Boost Saudi Economy to $2.6 Trillion

Photo shows President Trump and the Saudi Crown Prince with companies signing investment deals at the Saudi-US Investment Forum (Asharq Al-Awsat)
Photo shows President Trump and the Saudi Crown Prince with companies signing investment deals at the Saudi-US Investment Forum (Asharq Al-Awsat)
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Experts Say US Partnership to Boost Saudi Economy to $2.6 Trillion

Photo shows President Trump and the Saudi Crown Prince with companies signing investment deals at the Saudi-US Investment Forum (Asharq Al-Awsat)
Photo shows President Trump and the Saudi Crown Prince with companies signing investment deals at the Saudi-US Investment Forum (Asharq Al-Awsat)

Saudi Arabia’s signing of a strategic economic partnership with the United States marks a major shift in the Kingdom’s economic trajectory and reinforces its ambitions to become a top-12 global economy with a GDP target of $2.6 trillion, economic experts said.

The agreement was signed on Tuesday at the Al-Yamamah Royal Palace in Riyadh in the presence of Crown Prince and Prime Minister Mohammed bin Salman and US President Donald Trump. A series of deals and memoranda of understanding were also inked during the ceremony.

Mohammed Duliem AlQahtany, an economics professor at King Faisal University, told Asharq Al-Awsat the agreement represents a long-term strategic move that will reshape bilateral ties. “This partnership ushers in a new phase of comprehensive cooperation,” he said, citing its focus on security, energy, space, environment, health, and scientific research. “It’s a multi-dimensional framework that positions Saudi Arabia as a credible and capable global partner for the United States.”

AlQahtany added that the agreements support the Kingdom’s drive to diversify its economy away from oil and toward innovation and technology. The move is central to Riyadh’s plans to localize key industries, boost non-oil exports, reduce imports, and strengthen the trade balance.

He said the initiatives are also aligned with Saudi Arabia’s vision of becoming a major logistics hub connecting key global economies and continents.

Newly signed Saudi-US agreements in energy, defense, and mining are expected to accelerate the Kingdom’s transformation into a global industrial and technological power while bolstering environmental protection and national security, the Saudi economist said.

AlQahtany also said the energy sector deals will enhance efficiency and environmental sustainability by deploying advanced technologies for carbon capture and emissions reduction, a major challenge in the global energy transition.

He added that agreements in the mining sector could position Saudi Arabia as a key global player in an industry he described as “the future of industrial development.” The deals aim to localize supply chains, foster innovation, and help Saudi mining companies scale up to compete internationally in the coming years.

On the defense front, Al-Qahtani said the agreements would modernize the Kingdom’s defense systems through advanced US technologies, strengthening regional deterrence and deepening the Saudi-American alliance.

Additional agreements focus on emerging technologies such as artificial intelligence, space exploration, and advanced scientific research, he noted. They also aim to build human capital, improve customs data exchange, and promote collaborative medical research.

AlQahtany said the broader partnership also seeks to showcase Saudi Arabia’s cultural heritage, particularly the historical treasures of AlUla, on the global stage, while promoting biodiversity and environmental protection across the Kingdom.

The recently signed Saudi-US agreements represent a comprehensive model of strategic partnership that spans security, economy, technology, and culture, reflecting a shared vision to deepen cooperation in areas central to Saudi Arabia’s Vision 2030, a senior executive said.

Mohamed Omar, CEO of G.WORLD, told Asharq Al-Awsat that the Trump administration is actively forging new alliances in the region to advance its strategic goals, with Saudi Arabia playing a pivotal role due to its economic strength and growing regional and global influence.

“These agreements go far beyond traditional security and energy ties,” Omar said. “They encompass diverse sectors including conventional and renewable energy, defense, space, health, culture, mining, industry, trade, and transport, forming the foundation of a knowledge-based, diversified economy.”

He noted that the energy deals will enhance sectoral security and support the green transition, while cooperation with NASA and American research institutions will facilitate technology transfer and innovation, boosting local capabilities.

Omar said the defense agreements aim to modernize Saudi Arabia’s military systems and expand domestic manufacturing, reinforcing the Kingdom’s local defense industry.

He also highlighted efforts to develop the tourism and heritage sectors, particularly through AlUla projects, as part of a broader push to establish Saudi Arabia as a global cultural destination.

“These agreements will attract foreign investment in critical sectors such as mining, space, and clean energy, all of which are vital for income diversification,” he said. “They will also create job opportunities in high-tech, military, and research fields, while helping to develop national talent.”

Omar described the partnership as a “transformational leap” in Saudi-US relations - one that moves beyond traditional models to embrace a forward-looking, innovation-driven alliance that strengthens Saudi Arabia’s status as a regional economic and scientific powerhouse.