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Saudi Arabia, Spain sign deal to enhance economic relations

RIYADH — The Saudi Ministry of Economy and Planning and the Ministry of Economy, Trade, and Business of Spain signed on Wednesday a memorandum of understanding (MoU) to exchange expertise and enhance economic relations between the two countries.

The MoU was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and the visiting Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.

The deal outlines areas of cooperation including the coordination of efforts in economic modeling and policymaking, supporting small and medium-sized enterprises (SMEs) through joint partnerships and programs, and facilitating joint projects and bilateral participation in economic events.

It also covers the exchange of information and statistics in areas such as industry, technology, and innovation, in alignment with the goals of sustainable development and Saudi Vision 2030.

During their meeting, Alibrahim and Caballero discussed the agenda of the fourth session of the Saudi-Spanish Joint Commission, as well as recent regional and global economic developments of mutual interest.