Swedish Ambassador: Swedish Companies Planning on Setting up Regional Headquarters in Saudi Arabia

Swedish Ambassador to Saudi Arabia Petra Menander during a tour of a Swedish company in Saudi Arabia. (Asharq Al-Awsat)
Swedish Ambassador to Saudi Arabia Petra Menander during a tour of a Swedish company in Saudi Arabia. (Asharq Al-Awsat)
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Swedish Ambassador: Swedish Companies Planning on Setting up Regional Headquarters in Saudi Arabia

Swedish Ambassador to Saudi Arabia Petra Menander during a tour of a Swedish company in Saudi Arabia. (Asharq Al-Awsat)
Swedish Ambassador to Saudi Arabia Petra Menander during a tour of a Swedish company in Saudi Arabia. (Asharq Al-Awsat)

Relations between Saudi Arabia and Sweden are witnessing rapid development with the expansion of cooperation in the fields of innovation, logistics and services and others.

Swedish Ambassador to Saudi Arabia Petra Menander told Asharq Al-Awsat that the Saudi-Swedish joint committee is currently working on further deepening relations.

“In November last year, we agreed on 45 activities across four sectors to improve our cooperation, half of which have been implemented,” she added.

“Sweden and Saudi Arabia are natural partners in the global transition toward a more sustainable, knowledge-based economy,” she remarked.

“The presence of approximately 60 Swedish companies in the Kingdom, many of which are expanding their operations, demonstrates strong confidence in the Saudi market and its long-term potential,” she stressed.

“Saudi Arabia is Sweden’s largest trading partner in the Middle East and North Africa. While trade volumes vary year to year, the overall trajectory is one of steady growth. Our bilateral trade grew almost 5 % last year and has increased by more than 90% since 2018,” the ambassador went on to say.

Moreover, Menander added: “As the European Union, we are Saudi Arabia's most important partner for investments and trade and that is a relationship that can grow deeper. Sweden is one of the strongest supporters of free trade within the European Union and we believe that there is a great potential to further increase trade between our countries.”

“Half of the Swedish companies have or are planning to set up regional headquarters in Saudi Arabia, many of them are engaged in local manufacturing in the Kingdom and they invest in research and in training the thousands of young Saudi talents they employ,” she said.

She added that Sweden has a strong desire to expand in green energy and smart climate solutions. Swedish companies, such as Hitachi Energy, ABB and Systemair, are contributing to energy efficiency, electrification, and renewable infrastructure.

In the fields of logistics and infrastructure, she noted that “Swedish engineering and design firms are contributing to the planning and execution of major infrastructure projects and have a strong track record in delivering leading solutions for major projects, including within road, rail and air transport with companies such as Sweco, Volvo Trucks and Scania.”

Healthcare and life sciences are among the foundations of cooperation. “Swedish firms such as Diaverum, Getinge, and AstraZeneca are delivering high-quality care and conducting clinical research in the Kingdom,” said Menander.

Furthermore, she revealed that Swedish companies, such as Epiroc and Quant, are helping to modernize and decarbonize the mining sector through advanced technologies.

Sweden is also a global leader in digital maturity and connectivity. Companies like Ericsson are not only advancing 5G and 6G technologies but also investing in local R&D partnerships, added the ambassador.

In terms of smart industry and automation, she said: “With companies like Tetra Pak, Roxtec and SKF, Sweden supports the development of sustainable and efficient industrial ecosystems.”

These areas reflect Sweden’s strengths in innovation, equality, and long-term thinking essential for building resilient and future-ready economies, added the ambassador.

Furthermore, Menander described ties between Saudi Arabia and Sweden as excellent. “They are grounded in mutual respect, shared ambitions, and a commitment to long-term partnership. Our kingdoms are united by a forward-looking vision - one that embraces creativity, working together towards sustainability and growth,” she told Asharq Al-Awsat.

“In foreign policy our positions align om many key areas, as was seen during political consultations in Stockholm between Vice Minister of Foreign Affairs Eng. Waleed bin Abdulkarim El-Khereiji and State Secretary for Foreign Affairs Dag Hartelius.”

She also noted the “close cooperation between Saudi and Swedish business sectors, where there are great opportunities to enhance the partnership between our two countries.”

“I attended the executive meeting of the Saudi-Swedish Joint Business Council in Stockholm in May, where leading private companies from our two kingdoms discussed new economic initiatives,” she said.

“There about 60 Swedish companies with a presence in Saudi Arabia feel at home and are committed to strengthening their ties with the Kingdom. According to a Business Climate Survey which was conducted among Swedish companies and just published, 91% view the business climate as good or very good and 74% plan to increase their investments.”

“We also see an exciting dialogue in new areas, for instance through Swedish participation in the recent Arab European Cities Dialogue, where participants from Sweden saw many similarities when two regions came together to discuss governance, urban planning, and digitalization for a better future,” stressed Menander.

“We see that the numbers of visitors in both directions between our countries are going up, and we see new partnerships budding almost every day. We see more Saudi film and music appearing in Sweden and we increasingly see Swedish fashion, music and gaming in Saudi Arabia,” she remarked. “In fact, I often meet young Saudis who know about Sweden because they work for Swedish companies like Ikea and H&M.”

“Finally, we see a great interest in deeper cooperation in the field of innovation. Sweden ranks among the most innovative countries in the world and Saudi Arabia makes impressive investments into building an innovative ecosystem with close links between research and entrepreneurship,” she noted.

“We are happy to see that the cooperation is flourishing, including through institutional cooperation and by visits of start-ups both from Saudi Arabia to Sweden and from Sweden to Saudi Arabia,” continued Menander.

“Our cooperation spans a wide range of sectors where Swedish expertise and values align closely with the ambitions of Vision 2030. During our recent national day celebration, some of our companies displayed examples of how they contribute to these goals,” she said.

“These investments are aligned with Saudi Arabia’s Vision 2030, focusing on sectors such as green transition, healthcare, logistics and smart manufacturing and in many cases also include investments into research and development in Saudi Arabia,” the ambassador stated. “In parallel, we see a growing interest in collaboration between Swedish and Saudi incubators, particularly to support small and medium-sized enterprises (SMEs).”

“In May, Business Sweden, the Swedish Trade and Invest Council in Riyadh, organized two trade delegations to Saudi Arabia. The first focused on infrastructure projects and included Swedish companies specializing in digital solutions, construction equipment, energy, waste management, and air and water treatment solutions. These companies explored how Swedish expertise could contribute to Saudi Arabia's Vision 2030 by engaging with several giga projects,” Menander explained.



Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)
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Saudi PIF Backs Multibillion-Dollar Projects to Boost Sustainability

A solar power project in Saudi Arabia (SPA)
A solar power project in Saudi Arabia (SPA)

Saudi Arabia’s Public Investment Fund has fully allocated the proceeds of its green bond issuance, directing $9 billion to eligible projects, in a move that highlights the sovereign wealth fund’s growing role in shaping a more sustainable future and delivering lasting positive impact worldwide.

According to a recent report issued by the Public Investment Fund, reviewed by Asharq Al-Awsat, the expected impact of the fund’s eligible green projects includes generating 427 megawatts of renewable energy, avoiding emissions equivalent to 5.1 million tons of carbon dioxide, and treating 4 million cubic meters of wastewater.

The Public Investment Fund aims to establish itself as an active participant in global debt markets, while also fostering the development of a dynamic domestic market. This would enable the fund to access short- or long-term liquidity through a diverse range of financing instruments.

Financing strategy

The fund’s capital markets program aims to further strengthen its financing strategy and execution capabilities, both at the level of the Saudi sovereign wealth fund and across its portfolio companies, while enabling deeper engagement with global and local debt markets.

The program will also support expanding the fund’s capacity to raise debt and deploy it as a source of investment financing, in line with its overall funding strategy. This approach is designed to instill greater discipline in cash flow management and enhance returns on equity for the fund and its portfolio companies.

The green bond issuance will provide the fund with access to a broader pool of investors who prioritize environmental, social, and governance considerations in their investment decisions. It will also allow investors to diversify their portfolios through green assets, a step expected to help accelerate the pace of green investment globally.

Climate change

The fund has taken concrete steps to advance governance and policy, focusing on sustainability, and is a founding member of the One Planet Sovereign Wealth Funds initiative. This international platform aims to accelerate the integration of climate change considerations into asset management decisions and investment opportunities.

As an investment vehicle, the Public Investment Fund operates through acquiring stakes in companies aligned with its mandate, including ACWA Power and Lucid.

It has also established the Saudi Investment Recycling Company, a leader in waste management and recycling, manages the National Energy Services Company, Tarshid, and supports the creation of a voluntary carbon market in the Middle East and North Africa.

These efforts aim to strengthen Saudi Arabia’s position as one of the world’s most energy-efficient countries.

The green bond issuance will finance tangible projects on the ground, helping to accelerate the green transition and advance the Kingdom’s core targets of achieving net zero emissions by 2060 and generating 50 percent of electricity consumption from renewable energy sources by 2030.

This forms a key pillar of the renewable energy program implemented by the fund, which involves developing 70 percent of renewable power generation capacity.


Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)
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Saudi E-Commerce Hits Record Monthly Sales over SAR30.7 Billion in October

A view of Riyadh, Saudi Arabia. (SPA file)
A view of Riyadh, Saudi Arabia. (SPA file)

E-commerce sales in Saudi Arabia via "mada" cards soared to an all-time monthly high in October 2025, surpassing SAR30.7 billion.

The surge in sales represents a 68% year-on-year increase, totaling about SAR12.4 billion more than the SAR18.3 billion recorded in October 2024, according to the Saudi Central Bank (SAMA) statistical bulletin on Wednesday.

E-commerce sales for the third quarter (Q3) of 2025 hit SAR88.3 billion, up 15.2% from the previous quarter, representing an increase of about SAR11.6 billion over the SAR76.6 billion recorded in Q2.

On a monthly basis, e-commerce sales in October rose 6%, gaining approximately SAR1.6 billion over September’s total of SAR29.1 billion.

From January to October, "mada" data showed e-commerce sales grew 47.3%, rising by around SAR9.9 billion over the SAR20.9 billion recorded in January.

These figures cover transactions made via "mada" cards on e-commerce websites, apps, and digital wallets, and do not include credit-card payments.


Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
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Jeddah's King Abdulaziz Airport Launches First Direct Flight to Moscow

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)
The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location. (SPA)

Jeddah's King Abdulaziz International Airport (KAIA) celebrated the launch of its first direct flynas flight to Moscow, operating three weekly flights between Jeddah and Vnukovo International Airport.

This initiative, in partnership with the Saudi Tourism Authority and the Air Connectivity Program, boosts air links between Saudi Arabia and Russia.

It marks KAIA's third direct Russian destination, following Makhachkala and Mineralnye Vody, which were inaugurated earlier this month by Azimuth Airlines.

The expansion supports Jeddah Airports Company’s goal of broadening travel options and increasing air traffic revenue, leveraging the Kingdom's strategic location.