The Saudi Ministry of Economy and Planning and Spain’s Ministry of Economy, Trade, and Business have formalized a new agreement to bolster economic relations between the two nations. The memorandum of understanding (MoU) was signed on Wednesday by Saudi Minister of Economy and Planning Faisal Alibrahim and the visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.

This MoU outlines several areas for collaboration, which include coordinating efforts in economic modeling and policymaking. It emphasizes support for small and medium-sized enterprises (SMEs) through joint partnerships and programs. Additionally, the agreement aims to facilitate joint projects and enhance bilateral participation in various economic events.

Moreover, the MoU encompasses the exchange of information and statistics across sectors such as industry, technology, and innovation. This initiative aligns with sustainable development goals and the objectives of Saudi Vision 2030. During their discussions, Alibrahim and Caballero also reviewed the agenda for the fourth session of the Saudi-Spanish Joint Commission and explored recent regional and global economic developments that are of mutual interest.