The foreign affairs parliamentary committees of Malta and Saudi Arabia have identified areas of collaboration during a first visit by one of the highest-level delegations from the kingdom, said Jason Azzopardi, chairman of the House Foreign Affairs Committee.
Around 10 high-profile meetings were held over the last three days, earmarking the possibility of practical, mutual collaboration in the fields of health, education, tourism and investment, he said.
The fruit of the meetings would shortly be followed up by the respective ambassadors, who would be going into more detail about the areas of cooperation and taking the committees' recommendations to government level.
According to Dr Azzopardi, this was a "breakthrough" meeting, which was meaningful and productive.
The Saudi delegation, he said, was "positively impressed" by Mater Dei Hospital and cooperation in medical tourism was discussed.
Enrolling Saudi students at the University of Malta was also proposed. The "huge scope" for collaboration in education was highlighted, further enhanced by the recent inauguration of the King Abdullah University of Science and Technology (Kaust) in Riyadh, which has an endowment of $10 billion.
The Saudi delegation plans to recommend the island as a tourism destination, while attracting hedge funds from the Gulf was also discussed.
The MLP's proposals to establish a Gulf-Mediterranean business forum and the development of Malta into a Mediterranean regional centre for Islamic finance were also considered.
Leo Brincat, Labour's spokesman for foreign affairs and a committee member, was pleased to note that the government seemed to support these ideas too, in principle.
The possibility of using Malta as a centre for Saudi yacht berthing, repair facilities and works was also discussed, he said.
Apart from being a showcase of modernisation, Kaust could offer opportunities for Maltese in areas where further advancement was required, namely research, development and innovation, Mr Brincat said.
The possibility of having Saudi students at the University of Malta, as well as joint ventures for specialised courses in Islamic banking and Arabic business language were also tackled.
Teaching English to Saudi nationals was another area that needed to be focused on, Mr Brincat maintained.
Many were travelling to Australia and the US to learn English. Malta's geographic proximity put it in an advantageous situation in this sphere too.
Saudi delegation chairman Sadakah Yahia Fadil said it was now a matter of activating a general agreement that was signed between the two countries last year.
Draft agreements, such as the prevention of double taxation, were being studied and may be signed and ratified in the near future, he continued.
As regards the "huge potential" for collaboration between the two countries, on a personal level, Dr Yahia Fadil suggested the possibility of building an oil refinery in Malta - where Saudi Arabia would export its crude oil for eventual export to European markets to the benefit of both countries.
Although the feasibility of the project is unclear, the personal suggestion was seen as an example of how Malta could act as a hub and bridge the gap between the EU and the Gulf countries.
During its visit, the Saudi delegation met the President, former presidents, the Prime Minister, Opposition Leader, ministers, the university rector and the Malta Financial Services Authority.