Three Years in Saudi Arabia: Insights from Dr. Thomas Juergensen

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Three Years in Saudi Arabia: Insights from Dr. Thomas Juergensen

Dr. Thomas Juergensen has dedicated the past 24 years to working in the fields of trade and economic affairs within the European Commission, building a remarkable career as a trade lawyer, negotiator, and diplomat. Over the years, Thomas has witnessed how global trade politics have evolved. His past assignments include leading the EU Trade Section in Taiwan, where he strengthened Europe’s visibility and unity among Member States in a dynamic and highly-advanced market.

In Saudi Arabia, where he has spent the last three years as Head of Trade for the EU Delegation covering the Kingdom, Bahrain, and Oman, Thomas has contributed decisively to establishing the European Chamber of Commerce in the Kingdom of Saudi Arabia (ECCKSA), the first in the MENA region and a major step for European businesses that previously lacked a unified platform for engagement in the Gulf. He has also laid the groundwork for similar initiatives in other GCC countries, supporting the development of a stronger European business network in the region.

As he returns to the European Commission in Brussels to continue working on EU/US Trade relations, Thomas’s legacy includes support to companies navigating a rapidly evolving Saudi market under Vision 2030, and a deep commitment to the values of unity in open dialogue and practical cooperation.

How would you describe the main economic and social changes you’ve observed in Saudi Arabia during your time here, and what do they mean for European businesses?

The new Saudi Arabia, and the region at large, is full of business opportunities. The ambitions and the economic transformation are impressive by any standard. This does not only concern the Giga-projects like Neom, Qiddiyah or Diriyah, it is also visible in the day-to-day life like the Riyadh Metro or the ever expanding city with new neighbourhoods, parks or attractions. Of course, this brings also many challenges. However, when you see the optimism and the enthusiasm of the people you can have confidence that Saudi Arabia will master these challenges.

When we speak about economic transformation, we mean essentially diversification away from the hydrocarbon sector into the non-oil sector. There are many areas where European business can benefit such as for instance the renewable energy sector, logistics, transportation, digital, tourism or healthcare. For European business it means that – as with any transformation – it is not always a linear process. One has to be flexible and adapt to the changes. You go with the flow. Arguably, the administrative system and business environment is also not always as transparent and efficient as one would wish but, again, this is a normal process in any transformation, in particular at a scale that is taking place in Saudi Arabia.

Looking back over your three years in Saudi Arabia, what moment or achievement are you most proud of in terms of supporting EU-Gulf trade relations?

Over the last three years, EU/Gulf relations have been probably developing more than in the last twenty years combined. Some are more visible achievements but one should not underestimate the underlying current which is to put Saudi Arabia on the map, and make Europe aware of the changes that are happening here. This is the basis of any achievements now and in the future. I very much hope that this trend will continue and that it will be sustainable.

If I was to name two specific moments I would highlight the establishment of the European Chamber of Commerce in 2024. This has been politically and economically a milestone. The Chamber offers European companies a forum to join forces and to formulate their views on how to foster the trade and business relations. The process for establishing the Chamber, the interaction with European businesses and with the Saudi government was exemplary. We also enjoyed the full support of Brussels, as stated most prominently by EU Commission President Ursula von der Leyen at the EU/GCC Summit in October last year.

Another highlight was the first EU/KSA Investment Forum in October 2023 with over 1400 participants. It was a great success and showcase what Europe and Saudi Arabia can do together. It was a perfect example for putting Saudi Arabia on the map of the European political and private sector and to raise awareness about the opportunities of the new Saudi Arabia.

What advice would you give to European companies that are looking to set up in Saudi Arabia, or expand their activities in the region?

My first advice would be to come to Saudi Arabia and to see it with your own eyes. Whenever we had visitors they all stated that the new Saudi Arabia was different from what they expected. It’s all a matter of perception. But once you cross this threshold, you will be positively surprised.

My second advice would be to talk to those that are already in the market, in particular European peer companies. This will help to understand better the business environment and to devise the best strategy to navigate it. The Saudi market is of course not as illustrious and glossy as prospects or advertisement promise. It is still more complicated with its own peculiarities. Talking to others will help to understand the needs and constraints.

My third advice would be to bring patience and time. One essential pre-condition for success is to build relationships and to establish a network. This cannot be done overnight. Arguably, the local business culture is also more demanding and more contextual than in Europe.

Finally, as you move on to your new role in Brussels, what message would you like to leave with the European business community in Saudi Arabia and the wider Gulf?

My main message would be of optimism. We live in a world that has become more divided, more polarized and more transactional. We cannot choose the world we live in but we can choose how to live in it.

The Gulf is on the move and, historically, it has had close relations with Europe. Leaving aside the more complex policy issues, Europe remains a trusted and respected partner, and it has a lot to offer in terms of high-quality products, services and investment. Saudi Arabia stands to benefit from its partnership with Europe, and we in Europe can also learn from Saudi Arabia. If we remain optimistic and engaged I am confident that we can both benefit tremendously from each other.