Saudi investors set for Buckingham Palace talks

PALACE TALKS: SAGIA officials will meet UK businessmen at the home of the Queen of England, pictured here with Dubai ruler Sheikh Mohammed. (Getty Images)

A Saudi Arabian delegation to the UK will be the first to hold its meetings at Buckingham Palace, home to the royal family.

General Investment Authority governor Amr Abdullah Al Dabbagh and a 50-member Saudi business delegation will visit the UK on June 17 to discuss investment opportunities in the two countries and ways to promote bilateral economic and investment cooperation.

In a precedent, Buckingham Palace will open its doors to the kingdom's delegation where the meetings with the British businessmen will be held. The UK's Business Secretary Peter Mandelson will also attend.

Al Dabbagh said: "With the global financial crisis affecting investments worldwide, international competition to attract investments has become stronger."

He added "SAGIA's strategy is to promote the investment opportunities available in the kingdom in sectors which the country has competitive advantages to attract the global industry leaders of those sectors."

Al Dabbagh stressed that Saudi Arabia was one of the countries that were least affected by the current global financial crisis.

In 2007 the total trade volume between the kingdom and the UK stood at $4.6 billion. Exports to the UK made up 23 percent of the total trade volume which mainly consisted of crude petroleum oils, polyethylene, ethylene glycol, polyethylene.

Major imports from the UK to Saudi Arabia included aircraft/helicopter spare parts, semi-finished iron and steel products.

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