Saudi Arabia and the UK are creating diplomatic and financial ties as the 2 international locations work in the direction of $40bn commerce relations by 2030.
The closing convention of the GREAT FUTURES initiative came about in London, coinciding with the fifth assembly of the financial and social pillar of the Saudi-UK Strategic Partnership Council, co-chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and UK Prime Minister Keir Starmer.
The occasion welcomed the biggest Saudi commerce delegation so far, together with 195 enterprise leaders and 33 authorities officers, alongside greater than 320 representatives of British corporations and round 30 UK authorities officers.
Saudi-UK commerce
Majid Al Kassabi, Minister of Commerce and Chair of the council’s Financial and Social Committee, highlighted the profound modifications underway within the Saudi financial system.
Al Kassabi mentioned: “The imaginative and prescient launched by HRH the Crown Prince has pushed main transformations within the Saudi financial system”.
Throughout a ministerial session with UK Secretary of State for Enterprise and Commerce Jonathan Reynolds, Al Kassabi praised the committee’s work on 80 ongoing initiatives targeted on innovation, enterprise empowerment, and authorities coordination.
He additionally emphasised Saudi Arabia’s ambition to extend bilateral commerce to £30bn ($40.3bn) by 2030, noting that the UK is already among the many Kingdom’s prime 10 buying and selling companions, with commerce exceeding £16bn ($21.5bn) in 2024. Presently, 1,689 British corporations function in Saudi Arabia, with 75 selecting Riyadh as their regional headquarters.
The 2 ministers introduced a brand new Saudi-UK Strategic Partnership, aligning the UK’s fashionable industrial technique with Saudi Imaginative and prescient 2030. The partnership will prioritise 5 areas:
- Monetary connectivity
- Life sciences and well being tech
- Industrial progress
- Inventive industries
- Innovation in training
The GREAT FUTURES initiative, one of many council’s financial and social pillars, goals to speed up shared financial priorities, strengthen cooperation, and spotlight achievements throughout 13 promising sectors together with training, well being, tourism, tradition, sports activities, commerce and funding, and finance.
The convention included:
- A presentation on the UK’s industrial technique
- Periods on the position of expertise in reshaping industries
- A visible showcase by Diriyah Firm on heritage-led sustainable city dwelling
- 5 workshops on enhancing bilateral cooperation in precedence sectors
- Success tales from Saudi and British corporations
- Folkloric performances reflecting the cultures of each nations
The convention concluded with the signing of 38 agreements and bulletins value over SR20bn ($5.3bn).
The 2025 London gathering adopted the inaugural GREAT FUTURES convention held in Riyadh in Could 2024, which drew 2,200 enterprise representatives, featured greater than 20 bilateral ministerial conferences, and delivered 13 agreements, 50 dialogue periods, and 10 workshops.
Over the previous yr, each side have organised quite a few vital financial occasions to deepen cooperation and speed up progress in the direction of shared objectives.
