In 2023, the Saudi-British partnership will have topped 79 billion sterling pounds, representing a more than 30% increase.
Compared to 12.1 billion pounds ($15.25 billion) in 2018, trade between Saudi Arabia and the United Kingdom climbed to 16.5 billion pounds ($21.7 billion) in 2023.
Saudi Arabia’s programme calls for the establishment of 60 initiatives in 13 economic sectors to increase trade volume between the two nations to $37.5 billion by 2030.
Great Future Conference
With over 1,500 attendees from both Saudi Arabia and the United Kingdom, the Deputy Prime Minister of the United Kingdom, Oliver Dowden, and several Saudi and British leaders presided over the GREAT Futures Conference held in Riyadh.
The UK’s most inventive and creative businesses took part in the initiative’s activities. To strengthen collaborations in areas that are new and promising.
Enhancing Saudi-British Partnership
The goal of the conference is to advance trade and mutual investment, fortify economic ties between the two friendly nations, and stay ahead of current events.
A large British delegation from both the governmental and private sectors attended, totaling over 450 people, with 70% of them making their first visit to the Kingdom.
130 speakers participated in 50 dialogue sessions and 10 workshops, and during the 20 bilateral ministerial meetings, they addressed a wide range of initiatives and ideas with their Saudi counterparts.
Supporting Vision 2030
The strategic partnership between Saudi Arabia and the United Kingdom played a pivotal role in endorsing Vision 2030 and the initiatives and programmes it implemented to propel Saudi Arabia toward the forefront of the global industrial arena.
British businesses made up 52% of the investment work. They also stand to gain from Saudi Arabia’s attempts to diversify the economy by focusing on industries where the UK is an expert, such as financial services and higher education.
Constant Work
In conjunction with the Saudi-British Joint Business Council (SBJBC UK), the British-Saudi Sustainable Infrastructure Summit will take place at Mansion House in London on June 24, marking the culmination of a yearlong series of events that will extend the Great Future Conference’s activities.
This will likely motivate more financial and professional firms in the UK to take the initiative and provide their knowledge, goods, capital, and skills as proactive partners in assisting Saudi Arabia in realising its goals for sustainable infrastructure, as outlined in “Vision 2030.”
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