Partnerships between Saudi Arabia and the UK have expanded significantly, encompassing over 60 initiatives across 13 sectors. This has led to a one-third increase in trade since 2018, totaling over £79 billion ($99.12 billion) by 2023. This surge in bilateral trade is complemented by a flourishing investment landscape, with more than 1,100 active licenses granted to UK investors, facilitating projects like the giga-projects in Saudi Arabia.
Minister of Commerce, Majid Al-Qasabi, highlighted the substantial inflow of British investment into the Saudi economy, surpassing £4.3 billion in 2022 alone, while emphasizing the robust educational and cultural exchanges, exemplified by 14,000 Saudi students pursuing higher education in the UK from 2020 to 2023.
Deputy Prime Minister Oliver Dowden expressed enthusiasm for expanding cooperation, particularly in sports and tourism, emphasizing the mutual benefits of enhanced collaboration across various sectors.
Despite the UK’s status as the world’s second-largest exporter of services, there are untapped opportunities in sectors like technology and artificial intelligence, as Dowden noted, leveraging Saudi Arabia’s expertise in AI for future collaborations. Education emerged as a focal point for growth, with plans to establish 10 British schools in the Kingdom by 2030, further strengthening bilateral ties.
Saudi Minister of Investment Khalid Al-Falih underscored the UK’s significant role as the second-largest investor in Saudi Arabia, with approximately $16 billion in investment stock. Al-Falih highlighted the success of Saudi Arabia’s regional headquarters program, attracting over 400 multinational companies, including 52 from the UK, reflecting a shared commitment to fostering economic prosperity.
Both countries recognize the need to diversify their economies, addressing historically under-invested sectors while confronting global challenges. As leading G20 economies, Saudi Arabia and the UK are navigating transformative shifts driven by megatrends like energy and technological transitions alongside challenges such as AI and disruptions in global supply chains.
These shared experiences underscore the importance of continued collaboration to navigate evolving economic scenarios and foster sustainable growth.
