German Economy Minister Katherina Reiche said Germany and Saudi Arabia will deepen energy cooperation after meetings in Riyadh. Reiche signed ten letters of intent enabling German companies to broaden partnerships with Saudi counterparts.
The agreements target strategic future sectors, including energy, artificial intelligence, hydrogen, and industrial innovation and value creation. Reiche described the deals as supporting Saudi efforts to diversify revenue amid falling oil prices, helping stabilize income, reduce unemployment and create opportunities for the country’s youth.
The pact also aims to boost collaboration between public and private sectors in both countries.