Saudi-Spanish Collaboration Blooms in Urban Infrastructure, Renewable Energy, and Engineering Technology
A new era of collaboration between Saudi Arabia and Spain is on the horizon, with a focus on urban infrastructure development, renewable energy, and engineering technology. This exciting partnership was solidified during a high-level meeting in Madrid, where Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, engaged with executives from top Spanish companies to explore potential collaboration opportunities.
The three-day visit, which took place from April 15-17, marks a significant step in the Kingdom’s efforts to build strong international partnerships that will enhance its urban and infrastructure capabilities. According to the Saudi Press Agency, Al-Hogail’s discussions included talks with Pablo Bueno, CEO of TYPSA, about potential collaboration in infrastructure solutions, energy efficiency, and sustainable urban development.
The focus of the discussions centered around activating a circular economy in buildings and infrastructure, as well as creating new asset management platforms and engineering value solutions. Al-Hogail also met with José Vicente, CEO of Indra, a prominent engineering technology and consulting firm, to explore opportunities for digital transformation in municipal services.
The goal of this collaboration is to elevate the quality of services provided to Saudi citizens and residents, while also fostering innovation in the sector. Al-Hogail also met with Pedro Fernandez Alen, president of the National Construction Confederation, to discuss collaboration opportunities and align on Vision 2030’s strategic objectives for the housing sector.
During the discussions, it was highlighted that Spanish investments in Saudi Arabia have exceeded $3 billion, with a significant portion allocated towards real estate ventures. Al-Hogail emphasized the growth in Saudi Arabia’s housing sector, noting the provision of housing solutions for 1.5 million families over the past five years.
With plans to add more than 300,000 housing units by 2025 and aiming for nearly one million units by 2030, the Kingdom is set to become even more attractive for domestic and international investments. Al-Hogail also emphasized the significant contribution of the real estate sector to the Kingdom’s non-oil GDP, which reached 12.2 percent, while the construction and building sector contributed 11.3 percent by the third quarter of 2023.
As his visit concludes, Al-Hogail will preside over the Saudi-Spanish Business Forum, organized by the Council of Saudi Chambers and Saudi-Spanish Business Council, further solidifying the partnership between the two nations.