The summit is taking place at the Palacio de Congresos. | Pere Bota


The fifteenth Real Estate Development Summit Saudi Arabia-Europe is taking place in Mallorca for the first time. The two-day event at Palma's Palacio de Congresos brings together some 90 Saudi companies as well as 30 from Mallorca.

Mallorca was chosen because of the island's reputation as a global business centre and its attractiveness as a luxury destination. In seeking business opportunities, investors are looking to learn about the tourism industry, the real estate sector and the Balearics commitment to the development of renewable energies.

The Saudi real estate market is advancing rapidly. There are ambitious development and infrastructure investment ideas that are attracting great interest from companies around the world. The president of the Saudi Business Council in Spain, Kira Negrón, one of the main organisers of summit, says: "As Saudi Arabia's megaprojects advance, effective and successful strategies will be essential."

These projects include the expansion and improvement of ports and airports and ones to attract more international tourism.

As for possible investment in the Balearic Islands, she adds: "There are no projects under way yet, but various tourism initiatives are being studied." And the Council is confident of "a professional and cultural exchange".