This historic event, described as pivotal by the ECCKSA's official website, aims to foster economic ties and become the voice of European business in the Gulf Cooperation Council (GCC) countries.

The chamber's primary focus is on facilitating market access for member companies, ensuring fair opportunities for both European and Saudi enterprises.

Sectorial committees will be formed to address industry-specific issues and provide insights for improving market access in Saudi Arabia, contributing to its economic prosperity.

The establishment of the chamber is a result of agreements made during the Saudi-European Investment Forum last October, emphasizing EU-Saudi coordination for economic transformations.

Trade exchanges between Saudi Arabia and the EU reached approximately $80 billion in 2022.

The text describes the economic growth in Saudi Arabia and the increased foreign direct investment from European companies, with approximately 1,300 European firms investing in various sectors of the Saudi economy.

The European Union and Saudi Arabia have expressed mutual interest in continuing trade interactions, focusing on multilateral trade policies, such as the World Trade Organization.

The total trade between the European Union and Saudi Arabia reached 75 billion euros in 2022, and foreign direct investment amounted to 55 billion euros in 2021.