Saudi Arabia and the UK have achieved record trade levels surpassing $21.7 billion and aim to boost bilateral trade to $37.5 billion by 2030.
In Riyadh, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with British Minister of State for Business and Trade Jonathan Reynolds to discuss cooperation in critical minerals, essential for energy transition and advanced industries like aviation, electric cars, and medical sectors.
The meeting highlighted the potential for industrial and mining collaboration, offering British companies lucrative investment opportunities in Saudi Arabia. The discussion emphasized the benefits of Saudi Arabia’s natural resources, advanced infrastructure, and diverse energy sources, creating a conducive environment for investors.
Notably, Saudi investments in the UK have reached $21 billion since 2017, with foreign direct investment in Saudi Arabia amounting to $13 billion in 2023.
Both parties underscored the necessity of secure and diverse critical mineral supplies. The UK also expressed support for Saudi Arabia’s international mining conference, featuring participation from leading British institutions.