Saudi Arabia, Germany sign 7 deals to enhance investment cooperation
Relations between Saudi Arabia and Germany, each with the largest economies of their respective regions, continue to strengthen with an increasing presence of German companies in Saudi Arabia, including medical devices manufacturer Karl Storz and multinational technology company Wilo.
Saudi Arabia, Germany sign 7 deals to enhance investment cooperation
The Economics of Geography

Saudi Arabia, Germany sign 7 deals to enhance investment cooperation

A visitor walks past a billboard at the Saudi Arabia stand at the International Tourism Trade Fair in Berlin on March 8, 2023 (Photo: John Macdougall/ AFP)
Eurasia 11/03/2023 07:58

Relations between Saudi Arabia and Germany, each with the largest economies of their respective regions, continue to strengthen with an increasing presence of German companies in Saudi Arabia, including medical devices manufacturer Karl Storz and multinational technology company Wilo.

Saudi Arabia and Germany have signed seven agreements following a high-level delegation’s three-day visit to Berlin, the Saudi Press Agency reported.

The memoranda of understanding dealt with enhancing cooperation in chemicals, waste management, renewable energies, engineering, advanced industries, automotives, and technology.

The delegation, led by Saudi Minister of Investment Khalid Al-Falih, participated in events and bilateral engagements in Munich, Berlin, Hamburg, and Hannover.

The German delegation, led by German State Secretary Udo Philipp, included government entities such as the Bavarian State Chancellery, the Federation of German Industries, and Germany Trade and Invest in addition to leading German companies, including BMW and Siemens.
Saudi Arabia's Foreign Minister Faisal bin Farhan Al Saud shakes hands with German Foreign Minister Annalena Baerbock (Photo: AFP/ Sven Hoppe)
The MoUs were signed in Berlin during the Kingdom’s participation in the German-Saudi Investment Forum, and included two between Almobda Company for Industrial Services and Chemicals and thyssenkrupp Uhde Engineering Services in the chemicals sector.

They also included a deal between the Saudi Ministry of Investment, Saudi Chemical Holding Co., and Hellman in chemicals; the Ministry of Investment and HTCycle in waste management; MISA and Wilo Group to drive innovative solutions in the water sector; and Alrabiah Consulting Engineers and Teuffel Engineering Consultants in engineering.

The Saudi delegation’s tour of Germany came after German Chancellor Olaf Scholz’s trip to the Kingdom in September, followed by the visit of a German delegation to Riyadh in November to explore opportunities for greater cooperation.

Relations between both nations, each with the largest economies of their respective regions, continue to strengthen with an increasing presence of German companies in Saudi Arabia, including medical devices manufacturer Karl Storz and multinational technology company Wilo.

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