Saudi Arabia and Germany are poised to enhance their economic collaboration, particularly in the financial sector, following a series of high-level discussions between officials from both nations.
Saudi Arabia’s Investment Minister Khalid Al-Falih met with German Finance Minister Christian Lindner to explore ways to advance investment relations and strengthen cooperation in this critical sector. The discussions underscore the mutual interest in bolstering financial ties between the two countries.
In June, Germany exported €705 million ($775.5 million) worth of goods to Saudi Arabia, while imports from the Kingdom amounted to $180.4 million, resulting in a trade surplus of $595.1 million, according to the Observatory of Economic Complexity. This represents an increase of $89.5 million in German exports to Saudi Arabia over the past year, contrasted with a $116.6 million decline in imports from the Kingdom, reflecting evolving trade dynamics.
In a post on his X account, Al-Falih highlighted the importance of the discussions with Lindner, noting that they focused on developing and advancing investment relations, particularly within the financial sector. Al-Falih also held a meeting with German Vice Chancellor and Minister for Economic Affairs and Climate Action, Robert Habeck, to explore additional avenues for collaboration.
The discussions were attended by Saudi Ambassador to Germany Prince Abdullah bin Khaled bin Sultan, emphasizing the commitment to deepening bilateral financial ties. Al-Falih also engaged with Jorg Kukies, State Secretary at Germany’s Federal Chancellery, to discuss strategies for reinforcing economic relations.
In addition, Al-Falih participated in a roundtable with leaders of German companies across diverse sectors, including automotive, investment funds, energy, manufacturing, and supply chains. The meeting addressed Germany’s expansion interests in Saudi Arabia and highlighted various investment opportunities.
Al-Falih’s agenda included attending the NUMOV MENA 2024 conference, which focuses on Saudi-German collaboration in emerging and advanced technologies. NUMOV, Germany’s oldest and largest organization promoting economic development with the Near and Middle East, has supported bilateral business relations for 90 years.
He also participated in the board meeting of the Arab-German Chamber of Commerce and Industry, where discussions covered Saudi Arabia’s Vision 2030 and developments in renewable energy, biotechnology, and artificial intelligence.
