The Federation of Saudi Chambers has inked an agreement with the Union of Chambers of Commerce & Industry of Albania (UCCIAL) to establish the Joint Saudi-Albanian Business Council.

The agreement was signed during the Saudi-Albanian Business Forum held in the Albanian capital, Tirana, with the participation of over 250 officials, investors, and representatives from government and private agencies in both countries. This initiative aims to forge a new economic partnership between the two countries.

The Chairman of the Federation of Saudi Chambers, Hassan Alhwaizy, highlighted in his speech that Saudi Arabia and Albania have existing agreements encouraging economic, trade, and investment cooperation.

Alhwaizy also emphasized that the establishment of the Saudi-Albanian Business Council will significantly boost trade and investment between the two countries. Alhwaizy called for a thorough examination and resolution of the causes behind the current weak trade exchange.

The Chairman of the Saudi-Albanian Business Council, Dr. Abdulrahman Al-Mufarreh, stated that Albania offers substantial investment opportunities for Saudi investors through partnerships with their Albanian counterparts.

The discussions also covered the synchronization of Albania’s economic strategies with Saudi Arabia’s Vision 2030, focusing on the promising opportunities in sectors such as agriculture, tourism, mining, and construction for Saudi investors.

The forum was attended by Saudi Ambassador to Albania, Faisal bin Ghazi Hefzy. On the Albanian side, attendees included the Minister of Finances and Economy, the Minister of State for Entrepreneurs, and the Minister of Agriculture and Rural Development.