Saudi and the United Kingdom recently finalised SAR 19.88 billion (USD 5.3 billion) of deals and launched a strategic partnership.
Great Futures Event Recently Held In London
The Kingdoms are developing ties as both countries work towards SAR 150 billion (USD 40 billion) of trade by 2030. The GREAT FUTURES conference recently took place in London, coinciding with the fifth meeting of the economic and social pillar of the Saudi-UK Strategic Partnership Council. The event welcomed the largest Saudi trade delegation to date, including 195 business leaders and 33 government officials. In addition, there were more than 320 representatives of British companies and around 30 UK government officials.
New Partnership To Prioritise Five Sectors, Align With Saudi Vision 30
The committee had worked hard on 80 ongoing initiatives focused on innovation, business empowerment and government coordination. Importantly, the UK is among Saudi`s top 10 trading partners, with trade exceeding SAR 80.63 billion (USD 21.5 billion) in 2024. Currently, 1,689 British companies operate in Saudi Arabia, with 75 choosing Riyadh as their regional headquarters. Moreover, the two ministries announced a new Saudi-UK Strategic Partnership, aligning the UK’s modern industrial strategy with Saudi Vision 2030. Accordingly, the partnership will prioritise five areas including financial connectivity, life sciences and health tech and industrial growth. Further sectors will incorporate creative industries and focus on innovation in education.
The GREAT FUTURES initiative, focussed on accelerating shared economic priorities, strengthening cooperation and highlighted achievements across 13 promising sectors. These included education, health, tourism, culture, sports, trade and investment and finance. The London gathering followed the inaugural GREAT FUTURES conference held in Riyadh in May 2024, which drew 2,200 business representatives.
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