Portuguese Engineers Win Saudi Mega-Project Deals; Gulf Capital Eyes Algarve

As Portuguese companies seek to broaden their export horizons, a high-level business delegation has descended on Riyadh this week, aiming to cement strategic partnerships and unlock fresh capital flows. Spearheaded by Minister of Economy Manuel Castro Almeida and AICEP director Francisco Catalão, the mission dovetails with a series of memorandums and pavilion-style exhibitions that underscore Portugal’s ambition to deepen ties under Vision 2030.

A Platform for Diversification: Portuguese Firms in the Gulf

Portuguese participation at the Portugal–Saudi Arabia Economic Forum goes beyond ceremonial handshakes. More than 50 Portuguese companies—chiefly from the engineering and construction sectors—have pitched their expertise in Riyadh, even though over half are entering this market for the first time. This surge of newcomers highlights Lisbon’s drive to pivot away from traditional export destinations and tap into the Kingdom’s dazzling infrastructure agenda. On the other side of the table, approximately 120 Saudi firms are scouting joint-venture partners, eyeing everything from modular housing to digital-twin solutions.

Saudi Megaprojects on Lisbon’s Horizon

Under the banner of the 7th Joint Commission, ministers have spotlighted landmark undertakings such as NEOM, Qiddiya, Red Sea Global, New Murabba and Expo 2030 Riyadh as fertile ground for Portuguese know-how. Recent contracts include a SAR 2.8 bn award for worker accommodation at NEOM’s Oxagon district and a $59 M agreement on sewage networks in the Eastern Province. Lisbon’s engineers boast advanced green-concrete mixes, seismic-resilient designs and smart-city integration—capabilities tailored to Saudi Arabia’s quest for sustainable urbanization.

Flip Side of Investment: Saudi Capital in Portugal

While Portuguese companies chase Riyadh’s giga-projects, Saudi investors are scouting European targets. Tourism resorts from the Algarve to the Azores, renewable-energy ventures off the Portuguese coast and stakes in tech incubators around Coimbra are all under consideration. Officials expect at least 15 memorandums signed in Riyadh to pave the way for mergers, acquisitions and infrastructure joint ventures that could channel Gulf liquidity into Portugal’s regional development.

Showcasing Design and Lifestyle: the MADE IN PORTUGAL expo

Complementing the economic forum, AICEP has teamed up with Riyadh’s premier importer Lazado for “MADE IN PORTUGAL naturally MEETS LAZADO,” a three-day showcase of home and fashion craftsmanship. Eighteen brands—from porcelain by Vista Alegre and cutlery by Cutipol to artisanal rugs and contemporary furniture labels—are lighting up Riyadh’s upscale retail corridor. The exhibition aims to capitalise on a surge in Saudi consumer interest for premium design, building on a 62% year-on-year boost in Portuguese furniture exports to the Kingdom.

What Comes Next: Turning MoUs into Contracts

Once the final handshakes conclude on November 24, working groups from both capitals will convene to translate the forum’s 15 MoUs into binding agreements. AICEP plans a Saudi roadshow in early 2026, bringing Gulf executives to industrial parks in Aveiro and Setúbal. Meanwhile, bid invitations for NEOM’s next accommodation tranche and Expo 2030 Riyadh’s infrastructure phase are expected by spring. For Portuguese exporters and investors, the real test will be whether these pacts materialize into cranes on skylines, investment flows into Portuguese regions and a durable foothold in one of the world’s most ambitious economic transformations.