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North Macedonia Targets Saudi Investment Through New Riyadh Embassy

A new embassy in Riyadh is set to give North Macedonia a stronger presence in Saudi Arabia as the Balkan country seeks to expand its economic and political ties with the Kingdom.

Diplomacy With Economic Ambitions

Foreign Minister Timcho Mucunski told Arab News that Skopje hopes to have the embassy fully operational within months, marking a remarkable milestone toward closer cooperation on investment and bilateral relations.

For a country of fewer than two million people, the new step serves as a vital platform to pursue new economic opportunities in one of the region’s major markets.

Crucially, the embassy is expected to open the door to more sustained engagement between Skopje and Riyadh.

Speaking to Arab News on the sidelines of the World Economic Forum in Dubai, Mucunski said North Macedonia hopes to have its diplomatic mission fully operational at the beginning of 2027.

How Can Both Sides Close the Investment Gap?

Trade between the two countries already provides a foundation, but broadening its scope will require closer coordination between their business communities.

In this context, Mucunski said his government intends to bring the two countries’ chambers of commerce together first, giving businesses the opportunity to identify promising sectors and explore ways to collaborate together.

For Mucunski, energy and ICT offer two possible starting points for a broader economic partnership with Saudi Arabia. “I think that there are many opportunities in front of us,” he told Arab News, reflecting Skopje’s interest in moving beyond existing trade toward deeper commercial cooperation.

However, the gap between that ambition and the current investment picture remains clear. Mucunski acknowledged that Saudi Arabia had not yet invested in North Macedonia on a significant scale. This fact makes stronger business-to-business engagement a critical next step.

By connecting their chambers of commerce, Skopje hopes to move from identifying areas of mutual interest to lunching projects with tangible economic value.

Building on Gulf Partnerships

Saudi Arabia may be North Macedonia’s latest focus in the Gulf, but Skopje has already established ties with other regional partners.

Mucunski described relations with the UAE and Qatar as “very diverse and positive,” spanning agriculture, development, and defense, with investment flowing in both directions.

Security cooperation has a distinct place in these ties.

Both Gulf states are NATO partner countries, while North Macedonia has been a full member of the alliance since 2020.

Mucunski highlighted this shared connection, noting that it makes defense and security “a very integral part of the relationship.”

Since taking office in June 2024, the foreign minister has visited both countries several times, underscoring his intension to build on what he described as the “excellent opportunities” for further cooperation.

What Makes North Macedonia a Strategic Link?

North Macedonia is also seeking to position itself as a stable partner in a region often associated with political and historical tensions.

Mucunski stressed that the country’s EU candidacy and NATO membership stand as a testament to its unique place within the broader European security framework.

“As we are an EU candidate country as well as a NATO member state, one of the things that we pride ourselves on is being an anchor of stability in our region,” he said.

Its location reinforces that ambition. Two major transport corridors cross the country’s strategic landscape: Corridor 8, stretching between the Adriatic and Black seas, and Corridor 10, connecting Central Europe with the Greek port of Thessaloniki.

Investments in both routes, alongside efforts to diversify energy supplies, form part of Skopje’s drive to strengthen its connectivity and economic resilience.

Stability Amid War

According to Mucunski, North Macedonia’s regional ambitions are closely tied to the broader security challenges facing Europe.

That is why the country seeks to become “a proactive contributor to regional as well as European stability,” particularly as the war in Ukraine continues to reverberate across the continent.

“Unfortunately, with the Russian aggression against Ukraine, there have been severe security, economic as well as social consequences within our continent,” he said, adding that Skopje hopes for “a peaceful and just solution as soon as possible.”

 

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