Michael Mainelli, the Lord Mayor of London, has disclosed that there is a concerted push to enhance collaborations with Saudi Arabia in sectors like fintech, green finance, artificial intelligence, and space and cyber technologies.
The United Kingdom and Saudi Arabia maintain a robust trade relationship. Mainelli pointed out during an interview at the World Economic Forum’s special meeting in Riyadh that the UK is the kingdom’s most significant trade ally within Europe.
He emphasized that the synergy between British expertise in sustainable finance and the Saudi financial sector could unlock considerable opportunities presented by the shift towards eco-friendly practices.
Mainelli also mentioned an upcoming event, the UK-Saudi Sustainable Infrastructure Summit, scheduled for June 24 in London. This event, organized in collaboration with the Saudi British Joint Business Council, aims to strengthen the partnership between the two nations.
Greatest trade partner
Mainelli specified that trade between the UK and Saudi Arabia is valued at £17.4 billion, making the UK the kingdom’s largest European trading partner. Furthermore, the Gulf Cooperation Council stands as the UK’s fourth biggest trading partner, with trade transactions totaling £65 billion. Saudi investments in the UK are similarly substantial, estimated at £65 billion.
He expressed support for the ongoing free-trade negotiations between the UK and the GCC, aligning with the UK-GCC Joint Trade and Investment Review’s recommendations for accelerated progress in market access for professional, business, and financial services.
Mainelli highlighted the importance of events like the Davos Riyadh Forum, which offer platforms for discussing new avenues for bilateral, regional, and global cooperation, particularly in the clean energy sector. He praised Saudi Arabia’s strategic advancements in hydrogen technology, healthcare, and biology as part of their Vision 2030.
He lauded Vision 2030 for its aims to create intellectual job opportunities for the Saudi populace, viewing it as an embodiment of national potential.
Mainelli believes that the UK’s proficiency in fintech, green finance, and insurance positions it as a prime partner to aid Saudi Arabia in realizing its Vision 2030 goals, which include economic diversification, financial inclusion, and sustainable development.
As the UK’s international ambassador for financial and professional services, Mainelli’s visit to the kingdom involves engaging with upcoming fintech and green finance sectors, as well as AI and space companies. His agenda also includes discussions with Saudi financial and investment ministers to deepen the financial services partnership, with a focus on insurance, banking, digital services, green finance, cybersecurity, and fintech.
Twinning between London, Riyadh
Mainelli noted the UK-Saudi Sustainable Infrastructure Summit as a pivotal upcoming event. It aims to bring together up to 200 influential figures, including policymakers, industry leaders, and financial experts from both nations, to facilitate knowledge sharing and bolster bilateral partnerships.
The summit will encourage UK firms to actively contribute their skills, products, expertise, and capital towards Saudi Arabia’s sustainable infrastructure targets under Vision 2030, fostering strong, long-lasting collaborations between the two countries.
He revealed that the summit will cover critical topics, including the significance of UK-Saudi cooperation in sustainable infrastructure development, the financing of such projects, sustainable urban planning, and the scaling of green technologies.
Mainelli concluded by expressing confidence that the summit will not only generate impactful solutions but also serve as a model for global sustainable development efforts, positioning Saudi Arabia as a leader in economic transformation and the UK as a frontrunner in sustainable finance.