The business ties between Saudi and the UK were the big theme of the first day of the Saudi Great Futures investment conference, with several British officials saying that ties between Riyadh and London are “stronger than ever.”

REFRESHER- Execs from hundreds of British companies are in town as part of a delegation led by UK Deputy Prime Minister Oliver Dowden, to “connect with senior government and business decision-makers from Saudi Arabia’s ultra-ambitious giga-projects, and establish long-lasting relationships,” according to the summit’s webpage, in addition to mulling over “how to make Vision 2030 a reality,” the Prime Minister added. The two-day Saudi-UK investment conference — which is backed by our friends at HSBC— is set to wrap up today.

The UK wants to be a part of Vision 2030: “Our collaboration across the breadth of the relationship is remarkable. Britain doesn’t just endorse Saudi Arabia’s Vision 2030, we want to be a part of it," UK Deputy Prime Minister Oliver Dowden said. “We participate in leading the economic and social elements of our relations as a means of work, execution and transformation,” Dowden added. Check out his full remarks here.

A new, deeper friendship: “Over the next two days, we will hear from Saudi leaders and companies about how to make Vision 2030 a reality, and the tremendous opportunities it presents to all of us,” UK Prime Minister Rishi Sunak said during a virtual appearance. The push for closer cooperation comes as the UK looks to “[launch] the next phase of the deep and growing partnership” between the two countries, Sunak said.

With an ambitious goal for bilateral trade: The UK wants to see bilateral trade between London and Riyadh to hit GBP 30 bn by 2030, with bilateral trade “already growing quite rapidly,” Dowden told Arab News. Trade exchange between the two countries surpassed the GBP 17 bn mark in 2023, Sunak said.

Saudi wants to venture into trade across new industries as it diversifies its economy, including culture, sports, entertainment, and ins., Commerce Minister Majid Al Qasabi said during a panel with Dowden. Dowden said he sees technology and artificial intelligence a potential area of cooperation due to Saudi’s “huge expertise” in the industry.

INVESTMENT WATCH-

WATCH THIS SPACE- Al Qasabi and Dowden agreed to boost cooperation in conventional energy, renewable energy, petrochemicals, green hydrogen, carbon capture and storage and others.

PLUS- Investment in film, entertainment, and esports? UK Culture Minister Lucy Frazer is also in Riyadh. In a keynote yesterday, she talked up prospects for Saudi-UK cooperation in esports, film and television, the museum space, education, and training for the tourism industry, among other sectors. Read her full remarks here.

Saudi Arabia has invested USD 21 bn in the UK since 2017, according to a joint statement from the conference’s partnership board, led by Al Qasabi and Dowden. Some 52 British companies have opened regional offices in Riyadh, with the PIF and Neom opening offices in the UK.

The UK accounted for some 52% of investments made in Saudi during 1Q 2024, making it Riyadh’s second-largest investor, Investment Minister Khaled Al Falih said during the conference. Saudi is actively looking to unlock more capital from the UK, Al Falih said.

ALSO- UK-based sustainable chemicals player Johnson Mathey is setting up an office in Riyadh “very soon,” it said in a statement. “JM technologies will support KSA as it seeks to diversify its energy sources and reach its sustainability goals,” the company’s CEO for Catalyst Technologies Maurits van Tol said.

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