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HomeBusinessStrategic Economic Synergy: The Saudi-British Partnership

Strategic Economic Synergy: The Saudi-British Partnership

Paving the Way for Joint Ventures and Investments

February 8, 2024
in Business
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The Saudi Minister of Commerce, Majid bin Abdullah Al-Qasabi, is spearheading the groundwork for the Economic and Social Pillar of the Saudi-British Strategic Partnership Council, with deliberations taking place in London until February 8. To facilitate these discussions, a formidable Saudi team comprising 19 representatives from 10 governmental agencies has been assembled.

Al-Qasabi, in the company of Prince Khalid bin Bandar bin Sultan bin Abdulaziz, the Saudi ambassador to the UK, has engaged in bilateral talks with prominent British figures such as Deputy Prime Minister Oliver Dowden, Secretary of State for the Department for Business and Trade Kemi Badenoch, and Lord Dominic Johnson, the Minister of State for Investment at the same department. Additional discussions have taken place with Franck Petitgas, Special Advisor to the Prime Minister on Business and Investment, James Emmett, chief operating officer of the UK Infrastructure Bank, and Sir Mark Jones, Director of the British Museum.

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The dialogues have centered on fortifying economic ties within priority sectors for both countries, implementing initiatives previously agreed upon, and outlining collaborative work plans for the upcoming year. They also sought to broaden business prospects, entice high-quality investments, and encourage British enterprises to scale up their presence in Saudi Arabia to leverage burgeoning opportunities.

Looking ahead, the agenda for tomorrow includes two pivotal meetings. The first will take place at the Department of Business and Trade with Minister of State for Industry and Economic Security Nusrat Ghani, focusing on enhancing supply-chain resilience, leveraging artificial intelligence in economic endeavors, and sharing expertise. They will also delve into mining projects cooperation, especially concerning rare minerals.

The second meeting will feature Al-Qasabi engaging with Damian Hinds, Minister of State for Schools at the Department of Education, to discuss collaborative initiatives in education and training and explore avenues for their advancement.

The preliminary meetings are set to culminate with technical team consultations under the Economic and Social Pillar, examining cooperative initiatives across trade, investment, education, healthcare, energy, industry, culture, and sports.

Representatives from a multitude of Saudi government entities, including the Ministries of Energy, Education, Health, Commerce, Industry and Mineral Resources, Investment, Sport, Culture, as well as the Public Investment Fund (PIF) and the National Competitiveness Center, are part of the Saudi delegation.

Tags: Bilateral TalksEconomic Partnershipinvestment opportunitiesSaudi-British RelationsStrategic Council
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