The Federation of Saudi Chambers (FSC):ortuguese Business Council, announced the launch of a significant initiative to raise legal awareness about investment systems in the Kingdom of Saudi Arabia and Portugal. The council signed a memorandum of understanding with a specialized national law firm to facilitate the introduction of Portuguese companies into the Kingdom and encourage Saudi companies to invest in Portugal by acting as legal advisors. According to Saudi Press Agency, the memorandum of understanding, signed by the Saudi-Portuguese Business Council, is the first of its kind among Saudi Foreign Business councils within the FSC. It is expected to attract more foreign investors to the Kingdom by raising awareness of the investment environment, systems, and positive developments. Chairman of the Saudi-Portuguese Business Council Alwaleed bin Khaled Al-Baltan said that the memorandum aligns with Saudi Vision 2030 to attract foreign investment and that the council's role is to facilitate the entry of Por tuguese companies into the Saudi market. He added that it is the first-of-its-kind idea to contract a legal advisor to act as a mediator between the relevant authorities and Portuguese investors. According to the memorandum, the two sides will cooperate with the relevant authorities in the Kingdom to organize workshops for Portuguese companies wishing to enter the Saudi market. The workshops will introduce Portuguese companies to the Premium Residency Permit Law, foreign investment laws and regulations, the process of establishing companies, targeted investment opportunities, and incentives for relocating headquarters to the Kingdom. The scope of cooperation includes proposing improvements to investment procedures and systems for Saudi companies in Portugal, suggesting investment incentive programs for the Portuguese side to offer to Saudi investors, and providing consulting services to companies from both countries.
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