{"id":86173,"date":"2024-05-15T00:00:00","date_gmt":"2024-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/15\/saudi-great-futures-day-1-uk-saudi-business-ties-in-the-spotlight\/"},"modified":"2024-05-15T00:00:00","modified_gmt":"2024-05-15T00:00:00","slug":"saudi-great-futures-day-1-uk-saudi-business-ties-in-the-spotlight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/15\/saudi-great-futures-day-1-uk-saudi-business-ties-in-the-spotlight\/","title":{"rendered":"Saudi Great Futures day 1: UK + Saudi business ties in the spotlight"},"content":{"rendered":"

The business ties between Saudi and the UK were the big theme of the first <\/strong>day of the Saudi Great Futures<\/strong> investment conference, with several British officials saying that ties between Riyadh and London are \u201cstronger than ever.\u201d <\/p>\n

REFRESHER-<\/strong> Execs from hundreds of British companies are in town as part of a delegation led by UK Deputy Prime Minister Oliver Dowden, to \u201cconnect with senior government and business decision-makers from Saudi Arabia\u2019s ultra-ambitious giga-projects, and establish long-lasting relationships,\u201d according to the summit\u2019s webpage<\/a>, in addition to mulling over \u201chow to make Vision 2030 a reality,\u201d the Prime Minister added. The two-day Saudi-UK investment conference \u2014 which is backed by our friends at HSBC\u2014 is set to wrap up today.<\/p>\n

The UK wants to be a part of Vision 2030:<\/strong> \u201cOur collaboration across the breadth of the relationship is remarkable. Britain doesn\u2019t just endorse Saudi Arabia\u2019s Vision 2030, we want to be a part of it,\" UK Deputy Prime Minister Oliver Dowden said<\/a>. \u201cWe participate in leading the economic and social elements of our relations as a means of work, execution and transformation,\u201d Dowden added<\/a>. Check out his full remarks here<\/a>.<\/p>\n

A new, deeper friendship: <\/strong>\u201cOver 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,\u201d UK Prime Minister Rishi Sunak said<\/a> during a virtual appearance. The push for closer cooperation comes as the UK looks to \u201c[launch] the next phase of the deep and growing partnership\u201d between the two countries, Sunak said.<\/p>\n

With an ambitious goal for bilateral trade:<\/strong> The UK wants to see bilateral trade between London and Riyadh to hit GBP 30 bn by 2030, with bilateral trade \u201calready growing quite rapidly,\u201d Dowden told Arab News<\/a>. Trade exchange between the two countries surpassed the GBP 17 bn<\/a> mark in 2023, Sunak said. <\/p>\n

Saudi wants<\/strong> to venture into trade across new industries as it diversifies its economy<\/strong>, including culture, sports, entertainment, and ins., Commerce Minister Majid Al Qasabi said during a panel with Dowden<\/a>. Dowden said he sees technology and artificial intelligence a potential area of cooperation due to Saudi\u2019s \u201chuge expertise\u201d in the industry.<\/p>\n

INVESTMENT WATCH-<\/p>\n

WATCH THIS SPACE-<\/strong> Al Qasabi and Dowden agreed to boost cooperation in conventional energy, renewable energy, petrochemicals, green hydrogen, carbon capture and storage and others.<\/p>\n

PLUS- Investment in film, entertainment, and esports? <\/strong>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<\/a>.<\/p>\n

Saudi Arabia has invested USD 21 bn in the UK since 2017<\/strong>, according to a joint statement<\/a> from the conference\u2019s 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. <\/p>\n

The UK accounted for some 52% of investments made in Saudi during 1Q 2024<\/strong>, making it Riyadh\u2019s second-largest investor, Investment Minister Khaled Al Falih said during the conference<\/a>. Saudi is actively looking to unlock more capital from the UK, Al Falih said.<\/p>\n

ALSO- UK-based sustainable chemicals player <\/strong>Johnson Mathey<\/a><\/strong> is setting up an office in <\/strong>Riyadh<\/strong> \u201cvery soon,\u201d it said in a statement<\/a>. \u201cJM technologies will support KSA as it seeks to diversify its energy sources and reach its sustainability goals,\u201d the company\u2019s CEO for Catalyst Technologies Maurits van Tol said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trade exchange between the two countries has surpassed the GBP 17 bn mark in FY 2023<\/p>\n","protected":false},"author":1,"featured_media":86174,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[27],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","wpautop","entry"],"acf":{"mongo_id":"ffe0075f-b1c3-4a7c-8322-596bb5528be1","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1105.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UK seeks \u201cstronger than ever\u201d ties with Saudi at Great Futures conference","related_issue":[86166],"teaser":"Trade exchange between the two countries has surpassed the GBP 17 bn mark in FY 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.2ce71e2c-ccbf-4487-9219-84b67068704a.mp3"},"yoast_head":"\nSaudi Great Futures day 1: UK + Saudi business ties in the spotlight - 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