Hungarian Business Consortium Eyes Tech, Digitalization Investments in Saudi Arabia
A consortium of 25 Hungarian specialized companies is gearing up for investing in Saudi Arabia’s technology and digital transformation sectors to leverage the massive opportunities presented by Saudi Vision 2030, reported the Saudi Press Agency (SPA).
The announcement came on Wednesday during Saudi-Hungarian Business Forum, organized by the Federation of Saudi Chambers in Riyadh.
The Hungarian Parliament Deputy Speaker, Istvan Jakab, and the Saudi-Hungarian Business Council chairman, Marwan Al-Mutlaq, attended the event. In addition, the Chairman of the Shura Council Saudi-Hungarian Parliamentary Friendship Committee, Ibrahim bin Mohammad Al-Qannas, the Hungarian Ambassador to Saudi Arabia, Balazs Selmeci, and several Saudi investors were present.
During Saudi-Hungarian Business Forum, Jakab underscored the strength of relations with the Shura Council and the Federation of Saudi Chambers.
In the light of this, he pointed to the establishment of the Hungarian-Saudi Holding Company last year, which represents a consortium of Hungarian companies specializing in digital transformation, seeking investment opportunities in Saudi Arabia and partnerships with Saudi investors across the digital, financial, and food industries.
During his speech, the Saudi-Hungarian Business Council chairman, Marwan Al-Mutlaq, highlighted the Kingdom’s status in the technology and digitalization sector, ranking fourth globally in e-government and tenth in e-commerce.
He also said that the Saudi-Hungarian Business Council will work in its new session on strengthening the partnership between Saudi and Hungarian investors and enhancing trade between both countries.
In 2023, the trade exchange between Saudi Arabia and Hungary reached SAR 1.8bn, marking a 27% growth. Saudi exports surged by 216%, with SAR 584mn, while imports from Hungary amounted to SAR 1.2bn.
