On the 2nd January 2012, Deputy Prime Minister and Minister of Foreign Affairs Dr. Tonio Borg met his counterpart, Prince Saud bin Faisal bin Abdul-Aziz Al Saud in Riyadh, capital city of The Kingdom of Saudi Arabia for bilateral talks. Mr. Borg and the Prince signed a “Convention on the Avoidance of Double Taxation” as well as a “Cooperation Agreement on the Fight against Illicit Trafficking in Narcotic Drugs and Psychotropic Substances and against Organised Crime”.
Saudi Arabia has an oil-based economy and is the largest and most powerful member of the Gulf Cooperation Council. It possesses more than 20% of the world's proven petroleum reserves and ranks as the largest exporter of petroleum, playing a leading role in OPEC. High oil prices through mid-2008 have boosted growth, government revenues and Saudi ownership of foreign assets, while enabling Riyadh to pay down domestic debt.
Trade between the two countries is on an uptrend in Malta’s favour by a very wide margin. Imports are largely made up of plastics and articles thereof (66%) and products of the milling industry (29%). Exports also have a limited base although values are much higher. The major product categories are printed books (45%), preparations of cereals (24%), and miscellaneous edible preparations (24%). In 2008, Malta exported €15.3 million worth of goods to Saudi Arabia, while imports marked €1.5 million.
Currently 10 companies with Saudi Arabian shareholding are registered with the MFSA.