The British Prime Minister Rishi Sunak recently announced that trade between the United Kingdom and Saudi Arabia has exceeded 17 billion pounds ($21 billion). This announcement was made during the GREAT Futures Initiative Conference, which is part of the Saudi-British Strategic Partnership Council. Sunak emphasized the deep partnership between the two countries and the opportunities presented by Saudi Arabia’s Vision 2030. He also highlighted the strong ties between the two countries, with nearly 25,000 Britons currently residing in Saudi Arabia and over 400,000 Saudis visiting the UK since the launch of the new electronic visa exemption regime in June 2022.
The conference brought together 800 participants from both the public and private sectors of the UK and Saudi Arabia. British Deputy Prime Minister Oliver Dowden, along with several British and Saudi ministers, addressed the conference. Dowden praised the pace of change in Saudi Arabia and expressed the UK’s commitment to supporting Vision 2030. He highlighted the importance of the economic and social aspects of the relationship between the two countries and the role of British talent in showcasing their capabilities on a global stage.
Dowden emphasized the significant potential for mutual prosperity and cooperation between the UK and Saudi Arabia. He noted that the UK has brought a large delegation to the conference, including lawyers, consultants, financial experts, architects, and designers, to strengthen trade ties and support the realization of Vision 2030. Dowden highlighted the unique opportunities for collaboration and the role of innovative technologies in driving amazing change in Saudi Arabia.
The conference aims to enhance economic relations between the UK and Saudi Arabia across various sectors such as tourism, culture, education, health, sports, investment, trade, and financial services. It features 47 sessions and workshops with 127 speakers from both countries, covering 13 economic sectors. Additionally, six agreements are set to be signed in the fields of education and training, tourism, and real estate development, further strengthening the partnership between the two countries.
Minister of Commerce Dr. Majed Al-Qasabi emphasized the importance of the conference in strengthening economic cooperation and partnership in vital sectors. He highlighted the focus on innovation and creativity in sectors of mutual interest, creating opportunities for extensive partnerships between UK and Saudi businesses. The event provides a platform for British companies to learn about business regulations, incentives, and advantages for conducting business in Saudi Arabia, fostering growth and cooperation in both countries.
