SAUDI-UK PARTNERSHIPS SOAR WITH £79 BILLION IN TRADE
The collaboration between Saudi Arabia and the UK is thriving, with over 60 initiatives spanning 13 sectors. Trade between the two countries has surged by a third since 2018, exceeding £79 billion ($99.12 billion), according to Saudi Arabia’s Minister of Commerce, Majid Al-Qasabi.
Al-Qasabi highlighted the growth in foreign direct investment, with British investment into the Saudi economy reaching more than £4.3 billion in 2022. The strong bilateral economic ties are bolstered by educational and cultural connections, with 14,000 Saudi students pursuing higher education in the UK.
FOCUS ON SPORTS, TOURISM, AND TECHNOLOGY
During the GREAT Futures Initiative Conference in Riyadh, UK’s Deputy Prime Minister Oliver Dowden expressed excitement about increased cooperation with the Kingdom, particularly in sports and tourism. However, he noted the potential for further collaboration in sectors like technology and artificial intelligence.
Both countries are exploring new trade opportunities in cultural, sports, and entertainment fields, as well as financial and insurance sectors. Dowden emphasized the importance of education and healthcare as areas for growth, with plans to establish 10 British schools in Saudi Arabia by 2030.
INVESTMENT AND SUSTAINABILITY INITIATIVES
Saudi Minister of Investment Khalid Al-Falih highlighted the UK as the second-largest investor in Saudi Arabia, with approximately $16 billion in investment stock. The focus is on developing a new economy, addressing historically under-invested sectors while tackling global challenges.
As both countries navigate significant changes driven by megatrends like energy transitions and technological advancements, there is a push for green energy integration in supply chains. Saudi Arabia aims to attract global multinational companies as part of its regional headquarters program, with a strong presence from the UK.
BOOSTING TOURISM AND CULTURAL EXCHANGE
Minister of Tourism Ahmed Al-Khatib highlighted a 390 percent increase in demand for tourism activity licenses in the Kingdom, with over 165,000 British travelers visiting in the first quarter of the year. The issuance of electronic visas to UK tourists reflects a growing interest in visiting Saudi Arabia.
UK’s Secretary of State for Culture, Media, and Sport Lucy Frazer mentioned the influx of visitors from Saudi Arabia to the UK, with plans to enhance tourism infrastructure and increase annual travelers to the Kingdom. The cultural exchange extends to sports, with British athletes set to compete in Saudi Arabia.
JOHNSON MATTHEY EXPANDS PRESENCE IN SAUDI ARABIA
Catalyst Technologies firm Johnson Matthey announced the opening of its office in Riyadh to enhance local and regional collaboration. The expansion aligns with the company’s focus on developing sustainable solutions, including technologies for sustainable aviation fuel and low-carbon solutions.
The CEO, Maurits van Tol, emphasized the role of JM technologies in supporting Saudi Arabia’s energy diversification and sustainability goals. With a history of collaboration in the region, Johnson Matthey aims to contribute to the Kingdom’s Vision 2030 and promote a circular carbon economy.