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Tue 6 Mar 2018 01:52 PM

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Could Saudi crown prince's UK visit lead to $100bn deals?

Mohammed bin Salman is due to meet PM Theresa May on Wednesday amid reports of major investment plans

Could Saudi crown prince's UK visit lead to $100bn deals?
The Saudi crown prince arrives in the UK on Wednesday and is due to meet prime minister Theresa May and other senior ministers, members of the royal family, as well as security officials and business people.. (EMMANUEL DUNAND/AFP/Getty Images)

Saudi Arabia and the UK will reportedly sign deals that could be worth more than $100 billion when the Gulf kingdom’s crown prince Mohammed bin Salman visits London this week.

Foreign minister Adel al-Jubeir was quoted by the UK's Financial Times that the trip was aimed at taking the Saudi-UK relationship to a “higher level”.

He said both countries were seeking closer ties in sectors such as education and technology as well as security.

“There will be agreements and memorandums of understanding signed in a number of areas,” he told the paper without giving further details.

The paper said diplomats have spoken about plans for more Saudi investment in the UK, as well as the kingdom acquiring British companies.

On Monday, Prince Mohammed began an overseas tour in Egypt that will also take in the UK and the US this month.

He arrives in the UK on Wednesday and is due to meet prime minister Theresa May and other senior ministers, members of the royal family, as well as security officials and business people.

Jubeir also said the UK’s planned exit from the EU in 2019 would not impact Riyadh’s view of Britain as an investment destination.