UK firms are set to expand in Saudi Arabia following a key ministerial meeting aimed at strengthening trade relations. The goal is to boost bilateral trade to $39.6 billion by 2030.
In the year leading up to Q1 2024, UK-Saudi trade in goods and services reached $23.2 billion, as reported by the UK’s department for business and trade. Saudi Arabia’s commerce minister, Majid Al Qasabi, highlighted progress on 79 initiatives across 13 economic sectors, noting a more than 30% growth in trade from 2018 to 2023.
Currently, 1,139 British investors are active in Saudi Arabia, benefiting from reforms that facilitate economic activities. Discussions emphasized the advantages of Saudi Arabia’s business-friendly environment, including incentives, competitive advantages, and abundant resources. The country’s advanced infrastructure and diverse energy sources were also noted.
As of Q1 2024, Saudi Arabia was the UK’s 23rd largest trading partner, accounting for 1% of total UK trade.