North East England set to receive £3 billion investment from Saudi Arabia
Exciting news for North East England as Saudi Arabia plans to inject a whopping £3 billion ($3.7 billion) into the region, creating around 2,000 jobs. British deputy prime minister, Oliver Dowden, made the announcement during the GREAT Futures Initiative Conference in Riyadh.
Collaboration between UK and Saudi Arabia driving mutual prosperity
Virtual remarks from UK Prime Minister Rishi Sunak and Saudi Crown Prince Mohammed bin Salman set the stage for Dowden’s announcement of the significant investment. Dowden emphasized the exponential increase in prosperity due to the collaboration between the two countries.
Year-long campaign launched to showcase British expertise in Saudi sectors
The conference serves as a launchpad for a year-long campaign aimed at highlighting British expertise in sectors that support Saudi Arabia’s Vision 2030. With over 450 UK business delegates in attendance, it marks the largest turnout in over a decade.
Plans for enhanced UK-Saudi relations and investment landscape
Dowden expressed optimism about the future of UK-Saudi relations, stating that the GREAT FUTURES initiative will play a crucial role in fostering business opportunities. He also revealed plans for the first overseas expansion of the UK’s Office for Investment in the Gulf, aimed at facilitating capital flows and addressing barriers.
Education and cultural ties strengthened between UK and Saudi Arabia
Not just limited to economic collaboration, the UK and Saudi Arabia are also enhancing cultural and educational ties. The University of Strathclyde will establish a physical presence in Saudi Arabia, providing female students at Princess Nourah bint Abdulrahman University with opportunities to study a wider range of subjects.
Further cooperation in higher education and trade negotiations
The establishment of an Education Task Force and the signing of 40 partnerships between the two nations demonstrate the commitment to enhancing cooperation in higher education. Additionally, negotiations between the UK and the Gulf Cooperation Council on a trade deal could potentially boost the UK economy by £1.6 billion.
Key partners driving business and investment opportunities
British Airways, HSBC UK Bank Plc, North Highland, TAG, and Innovo are among the key partners supporting business, tourism, and investment initiatives. These partnerships aim to promote the UK as a leading destination for trade and investment, further solidifying the strong relationship between the UK and Saudi Arabia.