Saudi Gazette report
RIYADH — A high-level meeting of Saudi Arabia and the United Kingdom on Monday explored their plans to further strengthen economic ties and expand investment opportunities between the two countries. The Saudi – UK Business Roundtable 2024 was held in the presence of British Prime Minister Keir Starmer, Saudi Minister of Investment Eng. Khalid Al-Falih, Prince Khalid bin Bandar, Saudi ambassador to the United Kingdom, Minister of Commerce Dr. Majid Al-Qasabi and high ranking British officials, in addition to business leaders and senior executives from both countries.
The meeting discussed bilateral opportunities in several areas, most notably: financial services, clean energy, healthcare, innovation, education, and major projects; which in turn are in line with the goals of Vision 2030 to diversify its economy and enable promising investment sectors. The meeting also highlighted the main sectors targeted for enhancing investments, including sustainable financing such as cross-border financing, and improving access to capital markets. Saudi bond issuers have raised more than SR268.7 billion in London since 2022, half of which is for green, social and sustainable financing.
The two sides explored opportunities in the energy sector to advance efforts to achieve carbon neutrality, with key projects in this area including Al Fanar Green Fuels in the UK, which will become the largest sustainable aviation fuel project of its kind in Europe.
On the healthcare front, the two sides discussed prospects for further joint studies and investments, as well as the potential role of British companies in Saudi Arabia’s drive to establish 4,000 new primary health clinics. Academic exchange was also a key area ripe for investment, with seven British schools currently in Riyadh, which will increase to 10. There are also 14,000 Saudi students who are pursuing higher studies in Britain.
Saudi Arabia and Britain are strengthening their cooperation in technology and innovation through several initiatives, such as the Saudi-British Technology Centre, which was established in 2022. Saudi mega-projects also provide global investors with the opportunity to participate in cutting-edge innovations, including the NEOM project, which opened its first international office in Britain last year.
Trade between the two countries reached a record high of SR78.9 billion in 2023, and the planned comprehensive free trade agreement between the UK and the Gulf Cooperation Council is expected to further strengthen trade relations between the two countries.
It is noteworthy that the total Saudi investments in Britain amounted to SR40 billion until 2022, while British foreign direct investments in the Kingdom amounted to SR18 billion until 2023. More than 60 British companies have launched regional headquarters in the Kingdom, and approximately 30,000 British employees are part of the Saudi workforce.
