Estonia, Saudi Arabia Unite to Empower SMEs and Drive Digital Innovation with New Strategic Partnerships

Estonia, represented by Minister of Economy and Industry, HE Erkki Keldo, alongside prominent Estonian business leaders, embarked on a significant high level business delegation visit to Saudi Arabia, strengthening the foundations of bilateral economic cooperation. The visit included a series of high-level meetings, strategic agreements, and initiatives that underscore both nations’ commitment to advancing economic collaboration, digital innovation, and sustainable growth.
At the prestigious Biban 2024 Forum, a globally recognised event in the entrepreneurship sector dedicated to empowering the entrepreneurial ecosystem in the Kingdom, Minister Keldo addressed policy strategies to support small and medium-sized enterprises and start-up ecosystems to an international audience, reflecting Estonia’s pioneering leadership in digital transformation and entrepreneurship.
“Estonia and Saudi Arabia are united by an ambitious vision for sustainable economic progress, driven by innovation and a commitment to transformative entrepreneurship; this partnership represents a significant step in our relations, opening vast new avenues for collaboration and exchange,” said Minister Keldo. “By aligning our strengths, we are not only addressing shared priorities but also fostering the growth of pioneering enterprises that will play a vital role in shaping the future of our economies.”
Minister Erkki Keldo also met with H.H. Princess Mashael AlShalan and H.H. Princess Noura bint Turki Al Saud; Prince Naif and Princess Arwa Al Saud, Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen AlFadley, Minister of Communications and Information Technology Abdullah Alswaha, Minister of Commerce and Chairman of the Small and Medium Enterprises General Authority (Monsha’at) Dr. Majid bin Abdullah Al Qasabi, Minister of Economy and Planning Faisal F. Alibrahim, Assistant Minister for Oil and Gas Mohammed Abdulrahman Al-Ibrahim at Ministry of Energy, and members of the Estonian-Saudi Business Advisory Board.
A meeting was held between the parties of the Estonian-Saudi Business Council. Building on the Memorandum of Understanding (MoU) signed in the spring between the Federation of Saudi Chambers of Commerce and Enterprise Estonia, the council conducted a working session to outline a roadmap for 2025. This plan aims to support, promote, and expand business interests for both nations.
Commenting on the Council, Taavi Einaste, Co-chairman and CEO of Nortal MEA, said: “Business relations between Estonia and Saudi Arabia are relatively new but have grown significantly in recent years. Entrepreneurs from both countries are eager to strengthen these connections. To support this momentum, there is a shared commitment to create a platform for companies from both nations to collaborate, exchange insights, and align on strategic priorities. This platform, which will also involve public sector representatives, will help both countries address their key objectives, including Saudi Arabia’s Vision 2030 and Estonia’s priorities, fostering a cooperative environment that benefits both economies.”
A major highlight of the visit was signing a memorandum of understanding between The Small and Medium Enterprises General Authority, “Monsha’at,” and Estonian Business and Innovation Agency. The agreement aims to build entrepreneurial relationships, combining best practices from innovative, high-growth companies. From Estonian companies´ perspective, this agreement is essential to develop partnerships in the Kingdom of Saudi Arabia, understand the business environment and build a path to SMEs’ success and growth.
Additionally, The Small and Medium Enterprises General Authority, “Monsha’at,” signed an agreement with the Estonian company “Miltton CIO World”, underscoring a strategic partnership to empower Saudi SMEs through capacity-building initiatives, digitalisation efforts, and various strategic knowledge exchange programmes — the MoU outlines a series of bilateral events, workshops, and targeted training programs that will enhance SME capabilities and foster a collaborative environment. This collaboration is designed to leverage Estonia’s leading expertise in start-up development and digital infrastructure, aligning with Saudi Arabia’s commitment to creating a robust, diversified economy under Vision 2030.
Minister Keldo was accompanied by a delegation of high-level of Estonian companies, including Nortal, B.EST Solutions Estonia, DefSecIntel Solutions, Zero Terrain, WasteLocker, 5.0 Robotics, Alpha 3D and CybExer Technologies, all of which specialize in sectors key to Saudi Arabia’s growth goals, such as digital solutions, cybersecurity, and sustainable technologies. Additionally, companies like, Miltton CIO World, Rohetiiger, Standard, Sihtasutus IME (International Mission Estonia Foundation), and Silen also bring their expertise to the Saudi market.
With these agreements and partnerships, Estonia and Saudi Arabia are setting the stage for long-term collaboration and mutual growth. The commitment from both public and private sectors to enhance economic, technological, and SME-focused initiatives will serve as a cornerstone for future engagements.
Estonia is widely recognised as one of the world’s leading digital nations, known for its successful implementation of advanced technologies in government services — 99% of which are available online for citizens and foreign residents. The country is keen on supporting Saudi Arabia’s ambitious future projects with its renowned digital infrastructure and e-governance expertise, aligning perfectly with the Kingdom’s drive to attract world-class technologies. Beyond tech, Estonia’s collaboration holds potential in healthcare, food products, and cleantech towards a growing exchange with Saudi Arabia at both public and corporate levels