Saudi Arabia and UK hold a business roundtable to strengthen trade ties.

Photo : SPA

Saudi Arabia and the United Kingdom met in Riyadh to talk about how they can improve their business relationship and increase investments. The meeting was attended by important leaders from both countries, including UK Prime Minister Keir Starmer, Saudi Minister of Investment Khalid Al-Falih, Saudi Minister of Commerce Majid Al-Kassabi, and Saudi Ambassador to the UK Prince Khalid bin Bandar bin Sultan. Top business leaders from both countries also joined the discussion.

Main Focus Areas for Growth

The meeting focused on key areas that could help both countries grow. These areas include financial services, clean energy, healthcare, education, technology, and big projects related to Saudi Arabia's Vision 2030. This Vision aims to make Saudi Arabia’s economy less dependent on oil by boosting investments in other industries.

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A big part of the discussion was about how to increase investment in sustainable finance, which supports projects that help protect the environment. Since 2022, Saudi Arabia has raised SAR 268.7 billion in London, with half of that money going to projects that are good for the environment, like green energy.

Energy and Healthcare Projects

The leaders also talked about the energy sector and how both countries can work together to reach the goal of net-zero carbon emissions. One important project discussed was the Lighthouse Green Fuels Project by Alfanar in the UK. This project will become the biggest sustainable aviation fuel facility in Europe.

In healthcare, they talked about working together on joint research and investing in healthcare projects. They also discussed the possibility of British companies helping Saudi Arabia build 4,000 new primary healthcare clinics.

Education and Technology

Another important topic was education. There are seven British schools in Riyadh, and the number is expected to grow to 10 soon. There are also 14,000 Saudi students currently studying in the UK. The leaders talked about improving education and also about working more closely on technology and innovation.

Saudi Arabia is already working with the UK in technology through the Saudi UK Tech Hub, which started in 2022. One of the biggest projects in Saudi Arabia, NEOM, also offers chances for global investors to work on innovative ideas. NEOM has opened its first office in the UK.

Trade and Investment Growth

The trade between Saudi Arabia and the UK is growing. Bilateral trade reached SAR 78.9 billion in 2023, and it is expected to grow more with a new free trade agreement between the UK and the Gulf Cooperation Council (GCC). By 2022, Saudi Arabia had invested SAR 40 billion in the UK, and British investment in Saudi Arabia reached SAR 18 billion by 2023.

There are also more UK companies setting up offices in Saudi Arabia. Over 60 UK companies now have offices in the Kingdom, and around 30,000 British workers are employed there.

This meeting was a big step in making the business relationship between Saudi Arabia and the UK stronger and finding new ways for both countries to work together in the future.

Dec. 10, 2024 5:14 p.m. 510

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