Economic relations between Portugal and Saudi Arabia are gathering pace, with a top business figure singling out the country's stability as key to attracting Gulf investment.
Alwalid Albaltan, who heads the Saudi-Portugal Business Council (SPBC), made the comments after a fresh round of visits designed to deepen commercial ties between the two nations. He told Portuguese outlet Executive Digest that Portugal's potential extends well beyond a handful of sectors.
"Portugal has a huge business potential, which we intend to explore in an increasingly close way," he said.
"Following visits I have made to Portugal, it has been possible to identify a clear set of priority sectors: housing, green energy, infrastructure and, increasingly, technology and AI.
"Portugal has recognised skills in these areas and an execution strategy that is particularly valued by Saudi investors.
"But the Portuguese potential is not limited to two or three sectors. In our view, Portugal is gold."
The SPBC now counts more than 70 members and has organised a number of trips to Portugal as part of its work. During his latest visit, Albaltan held talks in both Lisbon and Porto with representatives from several bodies, among them the Portuguese Chamber of Commerce and Industry, AEP, ANJE and AIMMAP.
Reflecting on progress so far, he said: "The balance is positive and the future auspicious. I hope the next few years will confirm this trajectory, with more consistent Saudi investment in Portugal and more Portuguese companies entering the Saudi Arabia market."
Signs of closer cooperation are already emerging on both sides. ANJE, the Portuguese Association for Young Entrepreneurs, has set up an office in Saudi Arabia, and AICEP, the state's Trade and Investment Agency, has since placed representatives in the kingdom.
Albaltan confirmed that the council has also opened its first Portuguese firm, SDCI (Strategic Deals Company for Investment), calling it evidence of the appetite on the Saudi side.
"On our side, there is a great deal of willingness to make things happen," he added.
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