Saudi Arabia and UK Strengthen Economic Ties Through High-Level Business Roundtable
Riyadh, The Gulf Observer: Saudi Arabia and the United Kingdom convened a high-level meeting on Monday to discuss strategies for strengthening economic relations and expanding investment opportunities between the two nations. 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 senior British officials. Business leaders and executives from both countries also participated.
The roundtable highlighted bilateral opportunities across several sectors, including financial services, clean energy, healthcare, innovation, education, and major projects. These initiatives align with Vision 2030, Saudi Arabia’s strategic plan to diversify its economy and foster investment in emerging sectors.
One of the key discussions focused on sustainable financing, with Saudi bond issuers raising over SR268.7 billion in London since 2022, half of which was allocated to green, social, and sustainable projects. The meeting also emphasized enhancing access to capital markets and expanding cross-border financing options.
In the energy sector, both nations explored opportunities to advance carbon neutrality, with projects such as Al Fanar Green Fuels in the UK poised to become Europe’s largest sustainable aviation fuel initiative.
Healthcare collaboration was another focal point, with discussions on joint studies and investments, alongside British companies’ potential contributions to Saudi Arabia’s ambitious plan to establish 4,000 new primary health clinics. The dialogue extended to education, noting the presence of seven British schools in Riyadh, set to increase to 10, and the 14,000 Saudi students pursuing higher education in the UK.
Technology and innovation were spotlighted through initiatives like the Saudi-British Technology Centre, established in 2022. British firms also have opportunities to engage in groundbreaking Saudi mega-projects such as NEOM, which launched its first international office in the UK last year.
Trade relations between Saudi Arabia and the UK reached a record SR78.9 billion in 2023, bolstered by ongoing negotiations for a comprehensive free trade agreement between the UK and the Gulf Cooperation Council. Saudi investments in the UK amounted to SR40 billion as of 2022, while British foreign direct investments in Saudi Arabia reached SR18 billion by 2023. Over 60 British companies have established regional headquarters in the Kingdom, contributing to a workforce that includes approximately 30,000 British employees.
This strategic partnership underscores the shared commitment of Saudi Arabia and the UK to fostering economic growth, innovation, and sustainability, further solidifying their ties on the global stage.
