Saudi Arabia and the UK have held high-level government meetings as they look to further develop $99bn trade relations.
The GREAT FUTURES Initiative Conference commenced in Riyadh on Tuesday, hosting approximately 1,500 participants from Saudi Arabia and the UK.
Among the attendees were British Deputy Prime Minister Oliver Dowden and several Saudi and British ministers.
Saudi-UK trade
The primary objective of the conference is to fortify economic relations between the two nations and foster trade and mutual investment across various promising sectors.
The Minister of Commerce, Dr Majid bin Abdullah Al Qasabi, underscored that the conference epitomises the vision of the Saudi-UK Strategic Partnership Council.
This council, helmed by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, along with UK Prime Minister Rishi Sunak, is dedicated to bolstering and expanding the economic alliance between the two countries.
Al Qasabi highlighted that the Saudi-UK partnership has catalysed the initiation of 60 initiatives spanning 13 economic sectors.
He further noted that bilateral trade between the two nations surged by over 30 per cent from 2018 to 2023, surpassing £79bn ($99.3bn).
Additionally, he pointed out that 1,139 British investors are benefiting from economic and developmental reforms in the Kingdom.
British Deputy Prime Minister Oliver Dowden stressed that the Saudi-UK partnership aims to foster prosperity and adapt to challenges and advancements.
Leading a UK delegation comprising more than 450 participants from both the government and private sectors, 70 per cent of whom are visiting the Kingdom for the first time, Dowden expressed Britain’s anticipation to contribute to the goals outlined in the Kingdom’s Vision 2030 and to reinforce the economic alliance with Saudi Arabia.
He underscored the significance of augmenting mutual investments and exports, as well as enhancing tourism and cultural exchange.
The conference, scheduled to run for two days (May 14-15) at the King Abdullah Financial District in Riyadh, will feature 20 ministerial meetings, 130 speakers across 50 dialogue sessions, and 10 workshops.
The GREAT FUTURES Initiative will also entail events over the ensuing 12 months, involving participation from innovative UK companies to bolster partnerships in promising and emerging sectors between partners.
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