**Riyadh**: A coalition of 25 Hungarian companies plans to invest in Saudi Arabia, focusing on technology and digital transformation as part of Saudi Vision 2030. This initiative was announced during the Saudi-Hungarian Business Forum and aims to enhance trade and partnerships between the two nations.
A coalition of 25 Hungarian companies is preparing to invest in the Saudi market, focusing on technology and digital transformation, capitalising on the significant opportunities presented by Saudi Vision 2030. This initiative was announced during the Saudi-Hungarian Business Forum held today in Riyadh, which was attended by several dignitaries, including the Deputy Speaker of the Hungarian Parliament, Stefan Jakab, and the Chairman of the Saudi-Hungarian Business Council, Marwan Al-Matalq.
The event also saw participation from Ibrahim Al-Qnass, Chairman of the Saudi-Hungarian Parliamentary Friendship Committee at the Shura Council, the Hungarian Ambassador to Saudi Arabia, Balazs Selmayr, and various Saudi investors. Speaking at the forum, Stefan Jakab highlighted the strong relationship with the Shura Council and the Saudi Chambers of Commerce, noting the establishment of the Hungarian-Saudi Holding Company last year. This company represents a coalition of Hungarian firms in the digital transformation sector and aims to invest in the kingdom while forming partnerships with Saudi investors in areas such as digitalisation, finance, and food industries.
In his remarks, Marwan Al-Matalq emphasised the importance of Vision 2030 as a strategic plan for diversifying the economy. He underscored Saudi Arabia’s prominent standing in technology and digitalisation, with the country ranked fourth globally in e-government and tenth in e-commerce. He indicated that the council would work in its new term to enhance partnerships between Saudi and Hungarian investors, as well as to boost trade exchange between the two nations.
The participating Hungarian companies in the meeting represent a collective effort through the Hungarian-Saudi company established in Hungary last year, consisting of businesses specialised in digital transformation and technology, which aim to tap into the Saudi market. As reported, the volume of trade exchange between Saudi Arabia and Hungary reached 1.8 billion riyals in 2023, demonstrating a growth of 27%. This trade includes exports valued at 584 million riyals, which reflect an increase of 216%, while imports from Hungary amounted to 1.2 billion riyals.
Source: Noah Wire Services
