Four Portuguese firms sign Saudi expansion deals
Four Portuguese technology and healthcare companies are set to sign agreements with Saudi investors, highlighting growing business links and market access in the Gulf.
Four Portuguese companies in technology and healthcare are due to sign memorandums of understanding with Saudi investors on Monday, in a move that could open commercial representation, operations in Riyadh or funding channels in Saudi Arabia. The agreements, reported by ECO, underline growing business ties between Portugal and the Gulf for companies seeking expansion beyond Europe.
The companies are DigestAId, Ciberbit, ITGest and aesthetic medicine provider NB Clinic. The memorandums are scheduled to be signed at the headquarters of CIP, the Portuguese Business Confederation, as part of the third official visit to Lisbon by a delegation of Saudi private investors, ahead of a visit by Saudi Health Minister Fahad Al-Jalajel.
Alwalid Albaltan, president of the Saudi Arabia-Portugal Business Council, told ECO that most of the agreements are designed to help Portuguese companies enter the Saudi market through local representatives rather than equity participation. “The idea is that these businessmen … want to be their representatives in the country,” he said. He added that the deals would start operations in Saudi Arabia but do not require a shareholding investment.
For Porto-based medtech company DigestAId, the agreement also has a financing angle. CEO Miguel Mascarenhas told ECO that after its DeepCapsule artificial intelligence system received FDA approval, the company now wants “financial muscle” to support commercialisation and broader validation work. DigestAId already operates in the Gulf through the United Arab Emirates and Oman and has had a scientific collaboration since February with King Faisal Hospital in Saudi Arabia, according to ECO.
Albaltan said the number of Portuguese companies operating in Saudi Arabia has risen to about 60 from 24 when the business council was created in 2024. He described healthcare as the first sector chosen for a more targeted push, with the current delegation bringing together nearly 20 companies linked to the Saudi market.
Originally published at Eco.pt