Business Desk: Saudi Arabia is one of the most dynamic markets in the Middle East, New Zealand’s trade minister has claimed after deals valued at $100 million were signed by businesses from the two countries.
Todd McClay spoke to Arab News during a visit to Riyadh where he led a delegation of 21 New Zealand businesses to promote trade and investment ties with the Kingdom.
The memorandums of understanding signed during the trip included those involving NIG Nutritionals and Al Dawaa Pharmacies, 26 Seasons and Qassim Strawberry & Fruit Cooperative Society, and Gallagher Animal Management and Al Tajweed.
“These partnerships mark an important step in deepening New Zealand’s trade relationship with Saudi Arabia and across the Gulf region. Together, they are expected to generate more than $100 million in commercial value for New Zealand,” McClay said.
“This will give our exporters a significant boost, reinforce New Zealand as a reliable trade partner, and contribute to our goal of doubling the value of exports in 10 years,” he added.
The official also held a meeting with Khalid Al-Falih, Saudi Arabia’s Minister of Investment, to discuss opportunities for deeper investment links between the two countries.
The meeting builds on the conclusion of the New Zealand-Gulf Cooperation Council Free Trade Agreement last year and a growing commitment to enhanced trade and investment cooperation.
“We reached an agreement with Saudi Arabia in the GCC last year for a free trade agreement, and we’re looking forward to signing it in the region in the coming months,” McClay told Arab News.
“But this was an opportunity to bring a number of New Zealand businesses here to find partners and people to trade and invest with, to grow a strong business relationship in the Kingdom,” he added. Todd McClay speaking to Arab News. Huda Bashattah/AN
Trade with Saudi Arabia has grown significantly in recent years, with exports up 118 percent since 2021. According to the New Zealand Ministry for Trade & Investment and Agriculture, Saudi Arabia is one of the two largest export destinations in the Middle East, and the 18th largest market globally.
As of June, two-way trade reached 1.6 billion New Zealand dollars ($960 million), with exports valued at 1.35 billion dollars. Dairy dominated at 80 percent of New Zealand exports, followed by meat at nearly 10 percent.
According to the New Zealand Year-end June report, Saudi Arabia is New Zealand’s 22nd largest trading partner.
“Saudi Arabia is one of the most dynamic markets in the Middle East, worth$2.8 trillion and is driving one of the largest global transformations and rebuild programs through its Vision 2030 strategy,” McClay said. The minister believes the success of the negotiation of the trade agreement is “significant,” saying: “It’s one of the first trade agreements that the GCC has concluded in quite a long period of time that they’ve decided to do it with New Zealand, I think, is an honor for us.”
He added: “But it really now is just the foundation for how we can grow that relationship further.”
Saudi Arabia is already one of New Zealand’s largest and fastest-growing export destinations in the Middle East.
As of 2025, the two countries mark 48 years of diplomatic relations. Exports have more than doubled in four years, from $620 million in June 2021 to $1.35 billion in June, bringing two-way trade to $1.58 billion.
During his trip the minister held multiple sideline meetings, including with the Saudi Public Investment Fund to scout opportunities available in the Kingdom, as well as visiting the Expo 2030 site.
