Riyadh’s transformation under Vision 2030 has positioned the Kingdom as one of the fastest-growing and most future-focused business hubs in the world. At the center of this momentum are influential international business groups that serve as vital bridges between Saudi Arabia and the global market. These organizations not only facilitate trade and investment but also foster meaningful partnerships, support innovation, and strengthen cross-cultural collaboration.
In this feature, we highlight Advantage Austria Riyadh and the European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA)—two key groups contributing to the Kingdom’s economic landscape and the evolving opportunities they see within Saudi Arabia’s thriving market.
Advantage Austria Riyadh
Austrian Embassy – Commercial Section
ADVANTAGE AUSTRIA Riyadh has been established in Saudi Arabia since 1985 and serves as the Austrian Commercial Office in Riyadh. Led by the Austrian Commercial Counsellor, Mr. Christoph Pfeifer, the office supports Austrian companies in building successful business relations with Saudi partners while promoting bilateral trade, investment, and innovation between Austria and Saudi Arabia.
How would you describe the current business and investment climate in Saudi Arabia for international companies?
Saudi Arabia’s business and investment climate is highly dynamic and energized by the goals of Vision 2030. There is a strong sense of momentum and transformation. You can feel that change is happening everywhere, and the pace is accelerating. This creates a landscape full of opportunity.
How do you see collaboration evolving between Saudi entities and your home country’s private sector?
We are already seeing successful examples of Austrian companies entering the Saudi market and performing well. While it is still early, the potential is clear. Austrian businesses tend to take a more cautious approach, but interest is growing rapidly.
From your perspective, what sets Saudi Arabia apart as a regional business hub?
Saudi Arabia is not only committed to reducing its dependence on oil, but it is also determined to achieve its goals quickly. The Kingdom could choose a slower path, but instead it pushes forward with ambition and speed. Even if some goals might appear overly ambitious to the outside world, the drive to reach them often leads to impressive results.
How are your members adapting to the rapid pace of regulatory and economic transformation under Vision 2030?
Saudi Arabia is still a relatively new market for many Austrian companies, and some may have outdated perceptions. However, nearly every member who has visited has come away fascinated and inspired after experiencing the country by first-hand experience.
Which sectors currently hold the strongest potential for cross-border partnerships and joint ventures?
Austria has a long-standing tradition in manufacturing and technical industries. Key sectors include automotive, rail systems, industrial machinery, and steel production. In addition, tourism infrastructure and know-how show potential. These areas align well with Saudi Arabia’s development priorities and offer strong potential for joint ventures and cross-border cooperation.
What role do your members play in supporting local entrepreneurship and SME development?
When Austrian companies enter the Saudi market, they actively seek partnerships with local firms. We understand that the Saudi market has unique characteristics, and local expertise is essential. These partnerships not only help Austrian companies succeed but also contribute to the growth of local SMEs and entrepreneurial initiatives.
What are the most exciting innovation trends you’re seeing among businesses in the Kingdom?
There is a strong focus on digital transformation, sustainability, and smart infrastructure. Saudi Arabia is investing heavily in emerging technologies such as artificial intelligence, renewable energy, and advanced manufacturing. These trends are creating exciting opportunities for innovation and international collaboration.
Ongoing projects and upcoming events
Recently, from the 3rd to the 6th of November, during the Saudi Build event, we hosted an Austrian Pavilion featuring six Austrian companies. They showcased their products and services, highlighting Austrian expertise and opening doors for new partnerships in the region.
ADVANTAGE AUSTRIA RIYADH
Contact Number: +96611211 01 11
Email: riyadh@advantageaustria.org
Website: https://www.advantageaustria.org/sa/Startseite.en.html
LinkedIn: https://www.linkedin.com/company/advantageaustriaksa/
European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA)
The European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA) officially launched in May 2024. It was initiated by the EU Commission and established by leading European companies as the first European chamber in the region, with the objective of fostering EU-Saudi economic cooperation. It provides a unified platform to advocate for and represent European businesses operating in the Kingdom at the policy level. Led by Chairman Lorcan Tyrrell and CEO Kristijonas Gedvilas, ECCKSA offers its members a dynamic network of European businesses and professionals committed to strengthening economic and cultural ties between Europe and Saudi Arabia.
How would you describe the current business and investment climate in Saudi Arabia for international companies?
The pace of Saudi Arabia’s economic transformation is genuinely remarkable. Beyond major giga-projects such as Diriyah, Qiddiyah and the Red Sea, the Kingdom is actively modernising and expanding its existing cities. This is evident in large-scale initiatives like the Riyadh Metro, airport development, including the future King Salman International Airport, and the rapid growth of restaurants, retail, cultural venues and broader urban infrastructure.
International companies, particularly European ones, are deeply engaged across these developments, with many having operated in the Kingdom for decades. The rise in business delegations from Europe reflects a significant surge of interest, mirrored by a growing openness from Saudi stakeholders to collaborate with companies of all sizes. Notably, there is a clear shift toward actively supporting European SMEs, alongside long-established corporates. Increasingly, SMEs are entering the market and receiving structured guidance to establish and scale their activities. Their contribution is recognised as strategically important, and tangible efforts are being made to simplify and de-risk their market entry. As a result, the European business footprint in Saudi Arabia is not just expanding, it is becoming more diverse and dynamic.
How do you see collaboration evolving between Saudi entities and your home country’s private sector?
Europe is firmly established in the Kingdom. Today, around 2,500 European companies operate in Saudi Arabia, and the EU is both its second-largest trading partner and its main source of foreign direct investment. Many European firms have recently chosen to relocate their regional headquarters to Riyadh, signalling strong confidence in the Kingdom’s long-term prospects.
With its strategic positioning and forward-looking economic agenda, Saudi Arabia is increasingly regarded as a land of opportunity across all sectors. Collaboration is intensifying, supported by a growing number of high-level bilateral visits involving representatives of the European Commission, multiple Directors-General and European Commissioners, including, most recently, the mid-November visit of H.E. Apostolos Tzitzikostas, Commissioner for Sustainable Transport and Tourism.
The creation of the ECCKSA in 2024 forms part of this momentum, reflecting the expanding presence and engagement of the European private sector. Our role is to support and promote these deepening business relations in full alignment with Vision 2030. Taken together, the trajectory is clear: cooperation between Saudi entities and European businesses is broadening, becoming more strategic and accelerating rapidly.
From your perspective, what sets Saudi Arabia apart as a regional business hub?
Saudi Arabia distinguishes itself through a combination of scale, ambition and strategic clarity. Its central location, connecting Europe, Asia and Africa, offers unparalleled access to regional and global markets, reinforced by major investments in logistics and transport infrastructure, from airports and ports to industrial zones.
The Kingdom’s vast size, economic potential and comprehensive transformation add to its uniqueness. Saudi Arabia is not only opening new sectors but creating entirely new industries, from clean energy to tourism, culture and advanced technologies. The regulatory environment is evolving rapidly, with reforms designed to simplify market entry, attract foreign companies and support long-term investment.
This momentum is reflected in the rising number of multinational companies choosing Riyadh as their regional base, the acceleration of major international events, and the steady flow of delegations aiming to better understand the Saudi market. With projects emerging across all sectors, opportunities exist for large corporates, SMEs and start-ups alike. Together, these elements make Saudi Arabia one of the most dynamic and future-oriented business hubs in the region.
How are your members adapting to the rapid pace of regulatory and economic transformation under Vision 2030?
Our members are adapting by staying deeply engaged in the structured ecosystem the ECCKSA has built to support them. Through our sectoral committees and regular activities, they benefit from a continuous flow of regulatory updates, direct exchanges with Saudi authorities, and coordinated guidance from EU institutions and Member State embassies. For example, our Transport & Logistics Committee maintains ongoing dialogue with the Ministry of Transport and Logistics Services and recently organised a dedicated visit to the Saudi Logistics Academy. It also benefits from the latest updates from Europe, notably through its exchanges with representatives of the European Commission.
This collective approach ensures that European companies are not only keeping pace with regulatory developments but actively contributing to Saudi Arabia’s evolving business environment, in full alignment with Vision 2030. Through the ECCKSA, they have a structured, reliable and proactive framework to anticipate changes, share best practices and engage constructively in the Kingdom’s economic transformation.
Which sectors currently hold the strongest potential for cross-border partnerships and joint ventures?
In line with the Kingdom’s ambition to diversify its economy, momentum is strong across multiple sectors, many of which offer significant potential for cross-border partnerships.
Transport and logistics are expanding rapidly. European expertise is highly valued, as seen in the Riyadh Metro, rail development and airport modernisation. Recently, the Ministry of Transport and Logistics Services presented 60 investment opportunities to our members, illustrating the depth and openness of the sector.
Healthcare is undergoing profound transformation. During our Healthcare Roundtable, both the Ministry of Health and the Ministry of Investment emphasised substantial opportunities across numerous segments.
Tourism and entertainment are accelerating as Saudi Arabia positions itself as a major global destination, religious, business and leisure. Events like LEAP are multiplying, and the goal of welcoming 30 million pilgrims and 150 million tourists annually by 2030 creates significant openings in hospitality, F&B, culture and entertainment. While Makkah and Madinah currently account for most hotel capacity, other cities are expanding rapidly in anticipation of Expo 2030 and the FIFA World Cup 2034.
A young, connected population is driving rapid adoption of AI and emerging technologies, supported by major national investments, including in Arabic large language models.
Energy remains central, with a clear shift toward renewables. Saudi Arabia aims to reach more than 100 GW of renewable capacity by 2030, with around 20 GW added annually. The Kingdom is also strengthening its role in global connectivity through the India-Middle East-Europe Corridor (IMEC).
In short, opportunities extend far beyond the giga-projects. Saudi Arabia is undergoing a profound economic transformation, and cross-border partnerships can flourish across virtually every sector, often aligning closely with Europe’s priorities in the energy and digital transitions.
What role do your members play in supporting local entrepreneurship and SME development?
Our members, many of whom are leading European players in key industrial sectors, actively support local entrepreneurship and SME development. While our sectoral committees are currently driven by major corporations, SMEs are fully encouraged to participate and benefit from direct exchanges with C-level executives and industry experts.
Our objective is to build committees that represent the full breadth of European expertise, including the SME value chain. Many of our members have decades of experience in Saudi Arabia and a strong track record of success. They are well positioned to mentor and support European SMEs entering or expanding in the market, sharing insights on operations, regulatory considerations and best practices.
Through this collaborative approach, the ECCKSA ensures that SMEs gain the knowledge, networks and strategic support they need to thrive in Saudi Arabia’s rapidly evolving economy.
Ongoing projects and upcoming events
Looking ahead to 2026, our priority is to continue expanding our sectoral committees, strengthening ties with Saudi and European stakeholders and fostering a strong Team Europe spirit within the business community. While we already have a solid presence in Saudi Arabia, we aim to broaden our reach across the EU through targeted delegations, digital engagement and networks such as EBOWN, which brings together European chambers active in third markets. Our objective is to encourage more businesses to take the step into the Saudi market, in full alignment with Vision 2030.
At the same time, our agenda reflects the priorities of our members. Our ambition is to support all segments of EU-Saudi trade, ensuring that both established companies and new entrants can find a platform that addresses their needs.
EUROPEAN CHAMBER OF COMMERCE IN THE KINGDOM OF SAUDI ARABIA (ECCKSA)
Contact Number: +966 50 135 1028
Email Address: secretariat@eccksa.eu
