Riyadh: The Ministry of Economy and Planning of Saudi Arabia and the Ministry of Economy, Trade, and Business of Spain today signed a memorandum of understanding (MoU) to exchange expertise and enhance economic relations between the two countries. The agreement was signed by Saudi Minister of Economy and Planning Faisal Alibrahim and Spanish Minister of Economy, Trade, and Business Carlos Cuerpo Caballero.

According to Saudi Press Agency, the MoU outlines areas of cooperation including the coordination of efforts in economic modeling and policymaking. It aims to support small and medium-sized enterprises (SMEs) through joint partnerships and programs and facilitate joint projects and bilateral participation in economic events. The agreement 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.