Portugal is exploring the scope for a long-term economic alliance with Saudi Arabia, aiming for investment to move in both directions.

Economy Minister Manuel Castro Almeida says the country wants to strengthen its presence across the Middle East and is eager to attract funding from the Kingdom into domestic industries. A core part of that ambition rests on its role as one of Europe’s frontrunners in clean energy, which it believes can serve as the foundation for future collaboration.

He notes that the reforms under Saudi Vision 2030 offer significant potential. The government-led programme places economic diversification at its centre.

Speaking to Arab News, the minister said: “The image of Saudi Arabia in Portugal, Europe, and all over the world has changed.

“Vision 2030 is a very big opportunity for us.

“We have highly specialised human resources in renewable energy and energy efficiency. There are many opportunities for Saudi investment in this field and Saudi capital is very welcome.”

He also highlighted tourism as an area where both sides can deepen cooperation, particularly through cultural exchange. Manuel Castro Almeida added: “There are many opportunities in Portugal for investment by Saudi enterprises in tourism.”

Formal links are already in place. By early 2025, the Portuguese–Saudi Business Council had guided over 250 Portuguese firms through a training initiative designed to smooth their entry into the Saudi market.

Meanwhile, interest in the country has grown thanks to its residency-by-investment scheme, the Golden Visa, which has generated €9 billion in direct investment and an estimated €54 billion in wider economic impact.

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