The UK and Saudi Arabia have been working together to strengthen their economic and trade relations, with a particular focus on the Kingdom’s Vision 2030 initiative. The UK Saudi Business, Trade and Partnership Forum was held in London, drawing government officials, business leaders, and experts from both nations. Discussions at the event revolved around investment opportunities and trade agreements, as well as private sector cooperation in various sectors such as finance, clean energy, education, healthcare, and creative industries. The forum is expected to pave the way for even more fruitful collaboration between Saudi Arabia and the UK in the years ahead.
Opportunities for Collaboration
Emad Al-Thukair, co-chairman of the Saudi British Joint Business Council, emphasized that the partnership between the two countries has only “scratched the surface.” “The opportunities are huge,” Al-Thukair told Arab News, adding: “On one hand, the UK seeks more markets, while Saudi Arabia craves technology and opportunities, fostering a wealth of knowledge transfer. “On the flip side, the UK’s current economic landscape presents abundant opportunities for Saudi funds on the lookout.” Al-Thukair expressed optimism that the $21.4 billion trade volume figure will multiply significantly over the next two to three years, with opportunities flourishing in both Saudi Arabia and the UK.
Investment Opportunities
Speaking to Arab News, UK Minister for Investment Dominic Johnson shared an upbeat perspective on UK-Saudi Arabia business relations, with a special focus on the opportunities in asset management and financial services. The former entrepreneur argued the UK can bring diverse investment expertise to Saudi Arabia, helping it to branch out from broad-based equity investments into specialized fields like private equity and venture capital. While Johnson acknowledged London’s central role in Saudi Arabia’s financial growth, he expressed his desire to see more Saudi investments spread throughout the UK, particularly the northeast of England.
Vision 2030
During the event, participants also seized the moment to reflect upon and celebrate the achievements made under the Vision 2030 initiative. Launched by Crown Prince Mohammed bin Salman in 2016, Vision 2030 is currently at the halfway point of its timeline, working towards revitalizing the Kingdom’s economy and enhancing key sectors such as health, tourism, infrastructure, and education. Majid Al-Kassabi, Saudi Arabia’s Minister of Commerce, declared to the forum that “today, Saudi Arabia is a different Saudi Arabia,” emphasizing the rapid advancements made towards the Kingdom’s development and transformation agenda.
Private Sector Participation
Al-Kassabi highlighted that while governmental relations remain strong and continue to foster a thriving business ecosystem, private sector participation is becoming increasingly vital. To make it easier for foreign private enterprises to enter the Kingdom, Saudi authorities have introduced a range of initiatives, including the Saudi Business Centre, a one-stop-shop offering bureaucratic support to businesses looking to embark on ventures in the Kingdom. Al-Kassabi encouraged potential investors to visit the Kingdom, assuring them that they would be connected with the right people, government officials, or private sector representatives to explore opportunities based on their interests.
Conclusion
The forum was hailed as a triumph by both parties and is expected to pave the way for even more fruitful collaboration between Saudi Arabia and the UK in the years ahead. The Saudi British Joint Business Council’s CEO Chris Innes-Hopkins praised the atmosphere that filled the room as participants gathered to engage in discussions, celebrate achievements, and explore new possibilities related to Saudi Vision 2030. Innes-Hopkins highlighted the Council’s ability to foster collaborations between Saudi Arabia and the UK through the organization of network-led events, with a specific focus on emerging sectors such as clean technology and health tech.