Saudi Arabia, UK Hold Business Roundtable

Saudi Arabia and the United Kingdom outlined plans to boost economic relations and investment during a high-level business roundtable held yesterday in Riyadh.

Attending the meeting were UK Prime Minister Keir Starmer, Saudi Minister of Investment Khalid Al-Falih, Minister of Commerce Majid Al-Kassabi, Saudi Ambassador to the UK Prince Khalid bin Bandar bin Sultan, and top executives from the private sector in the two countries.

Discussions focused on opportunities in key sectors like financial services, clean energy, healthcare, innovation, education, and mega-projects, consistent with the Saudi Vision 2030 goals of diversifying the economy and boosting investment sectors.

The meeting highlighted key investment sectors, including sustainable finance and cross-border finance, and stressed the need to improve access to capital markets. Saudi bond issuers have raised over SAR268.7 billion in London since 2022, half of which was for green, social, and sustainable finance.

The two parties explored the opportunity, in the energy sector, to expedite efforts toward achieving net zero carbon emissions. Notable projects include Alfanar’s Lighthouse Green Fuels Project in the UK, poised to be Europe’s largest sustainable aviation fuel project.

In healthcare, discussions turned around carrying out further joint studies and investments, along with the potential involvement of British firms in Saudi Arabia’s initiative to establish 4,000 new primary healthcare clinics.

Academic exchange was also a focus. Seven British schools are currently operational in Riyadh; they are set to expand to 10. At the same time, 14,000 Saudi students are studying in the UK.

Saudi Arabia and the UK are increasing their collaboration in technology and innovation through initiatives like the Saudi UK Tech Hub, established in 2022. Saudi mega-projects offer global investors opportunities to engage in cutting-edge innovations, such as the NEOM project, which inaugurated its first international office in the UK last year.

Bilateral trade reached SAR78.9 billion in 2023. The anticipated comprehensive free trade agreement between the UK and the Gulf Cooperation Council is set to boost trade.

Saudi investments in the UK totaled SAR40 billion by 2022, while British foreign direct investment in Saudi Arabia had reached SAR18 billion by 2023. Over 60 UK companies have established regional headquarters in the Kingdom. Around 30,000 British employees are in the Saudi workforce.