UK companies are planning to expand operations in Saudi Arabia following high-level discussions aimed at strengthening trade partnerships between the two nations.
Saudi Arabia’s Minister of Commerce, Majid Al-Qasabi, met with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh to discuss enhancing economic collaboration in key sectors.
The discussions focused on boosting and financing emerging companies in innovative fields, aligning with the goal to increase bilateral trade to £30 billion by 2030.
Data from the UK’s Department for Business and Trade shows that total trade in goods and services with Saudi Arabia reached £17.6 billion in the year leading up to the first quarter of 2024.
Al-Qasabi noted progress in Free Trade Agreement negotiations between the GCC countries and the UK, emphasizing the importance of trade cooperation.
Reynolds highlighted the significance of economic growth and the necessity of enhancing trade and investment with major global economies.
Al-Qasabi also mentioned the implementation of 79 initiatives across 13 economic sectors to bolster the Saudi-British partnership, with bilateral trade growth exceeding 30% from 2018 to 2023. Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent business facilitation reforms.
During his visit, Reynolds also met with Saudi Minister of Industry and Mineral Resource, Bandar Alkhorayef, to explore industrial and mining cooperation opportunities and promising investments for UK companies.
The discussions underscored Saudi Arabia’s business-friendly environment, offering numerous incentives, competitive advantages, advanced infrastructure, and diverse energy sources.
Saudi Arabia ranked as the UK’s 23rd largest trading partner, accounting for 1% of total UK trade in the year ending the first quarter.