RIYADH: The GREAT Futures Initiative Conference is set to begin on Tuesday in King Abdullah Financial District with the mission of enhancing economic relations between Saudi Arabia and the UK.  

“Today the largest UK business delegation in over a decade lands in Riyadh for GREAT FUTURES, with over 400 delegates from the UK traveling to Saudi Arabia, 70 percent of whom have never visited the Kingdom,” British Ambassador to Saudi Arabia Neil Crompton told Arab News.

“Over the next two days, senior leaders from both our kingdoms will forge partnerships that span our economies, from cultural institutions to cutting-edge technologies,” he said. “These partnerships build on existing bonds in the fields of security and energy. The UK is committed to playing its part in the transformational Vision 2030.”

The GREAT Futures Initiative Conference is a joint project organized by the UK government’s GREAT Britain and Northern Ireland campaign in partnership with the Saudi government. 

The conference is part of the Saudi-British Strategic Partnership Council, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak. 

British Deputy Prime Minister Oliver Dowden will represent the UK at the conference. 

“The GREAT Futures Initiative Conference is an important opportunity to build partnerships between the business sectors of both countries, keeping pace with the future, innovation and creativity,” Dowden said. “It also allows British companies to familiarize themselves with relevant business regulations, incentives, and advantages for conducting business in Saudi Arabia.”

The conference will welcome 800 participants from the two kingdoms’ public and private sectors. 

UK Ambassador Neil Crompton posted a video on X social media platform in the lead-up to the conference. 

“This festival marks a significant event in the British calendar, as it takes place once every two years in a city around the world,” Crompton said. “This year, we chose to hold it in Riyadh due to the widespread British interest in the positive changes and opportunities, which came as a result of the success of Vision 2030.”

The ambassador said that the embassy would be hosting a British delegation comprising representatives from 400 companies, under the patronage of the British deputy prime minister. 

“I am looking forward to meeting athletes, artists, celebrities, and entrepreneurs from both our kingdoms. I would like to extend my thanks to our partners in the Saudi government for cooperating with us on this joint project,” he said. 

The two-day conference, from May 14 to May 15, will feature 47 sessions and workshops with 127 speakers from both public and private sectors.

The conference aims to enhance cooperation and economic partnership in 13 sectors such as tourism, culture, education, health, sports, investment, trade, and financial services.

Agreement signings are also expected in education and training, tourism, and real estate development.

KAFD’s centrally located business district will host the two-day conference in its 28,000 sq. m venue. 

Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Co., highlighted the significance of the conference being hosted in KAFD.

“Holding a spectacle of this magnitude can never be classified as a roadshow held by British stakeholders for their Saudi counterparts to hop on and make millions if not billions,” Sashittal said. “On the contrary, this event is just a kickstarter for a year-long campaign aimed at creating an everlasting collaboration that reimagines key domains while unearthing hidden jewels rooted in both countries’ glorious pasts.

“As one of the few places where the Kingdom’s exciting next phase is getting written, it was quite natural for the choice to fall on KAFD and its architectural marvel, which is otherwise known as the conference center,” he said. 

In 2023, bilateral trade between Saudi Arabia and the UK increased by 68 percent, amounting to $17 billion, according to the chairperson of the Saudi British Joint Business Council, Jennie Gubbins.

The increase in trade could not be attributed to the oil sector alone, Gubbins said, pointing to the effectiveness of the Kingdom’s economic diversification efforts and the development of other industries, primarily in the tech field.

The Saudi Ministry of Commerce will participate in the conference and through its sub-entities will facilitate meetings of leaders of the business sectors in the two countries.

As a part of the conference, accompanying events will be held over the next 12 months to enhance partnerships in promising and emerging fields between the two countries.

The ministry aims to inform the British business sector of the economic reforms that the Kingdom has accomplished to improve the business environment and facilitate the start and practice of economic activities.

The “GREAT Futures” also aims to be a platform for exchanging qualitative experiences and learning about the latest practices across sectors.

RIYADH: Critical economic and social challenges facing the Middle East took center stage during the preparatory meeting for the 33rd Arab Summit held in Bahrain’s capital, Manama.

The session, which took place on May 12, tackled issues that will be submitted to the upcoming summit, which is scheduled to take place for the first time in Bahrain on May 16.

Saudi Finance Minister Mohammed Al-Jadaan headed the Kingdom’s delegation to the ministerial meeting, which included representatives of member states of the League of Arab States and a number of specialists from its general secretariat.

Al-Jadaan affirmed Saudi Arabia’s pride in hosting the 32nd Regular Session of the Arab Summit, which concluded with the issuance of the Jeddah Declaration, which encompasses numerous initiatives aimed at enhancing collective efforts across economic, agricultural, cultural, and educational domains.

He added that the previous summit issued numerous important decisions in support of joint action, the most important of which is accomplishing the requirements of the Greater Arab Free Trade Area, according to the Saudi Press Agency.

Speaking during the senior officials meeting, held a day before the prep gathering, the Assistant Deputy Minister for International Cooperation at the Saudi Ministry of Finance, Naif Al-Enzi, said that the countries attending the summit continuously strive, at both international and regional forums, to raise issues that serve the interests of joint action.

Al-Enzi expressed his optimism for the session’s success under Bahrain’s presidency, aiming for consensus on outcomes that propel Arab economic and social integration while enhancing ongoing collective efforts and cooperation.

Announced on May 19, 2023, at the conclusion of the 32nd Arab Summit, the Jeddah Declaration emphasized the importance of strengthening joint action based on common foundations, values, interests and one destiny.

The 2023 summit was only the second, following a gathering in Algeria in November 2022, after a three-year hiatus due to the COVID-19 pandemic.

It covered several topics, including tensions between Israel and Palestine, the conflict in Sudan, the peace process in Yemen, instability in Libya, and Lebanon’s political situation.

Significantly, it was the first time Syria had been invited to participate in an Arab League Summit since its suspension from the organization in 2011.

The gathering’s final communique reaffirmed “the centrality of the Palestinian cause” to Arab countries and that it is one of the main factors for stability in the region. It condemned all practices and violations inflicted upon the Palestinians, their lives, properties and existence.

The communique also stressed the importance of intensifying efforts to achieve a comprehensive and just settlement of the Palestinian issue based on a two-state solution, as per UN Security Council Resolution 242 and the 2002 Arab Peace Initiative, to ensure the establishment of an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital.

Furthermore, it reiterated previous summit positions, including the need for the protection of Muslim sites in Jerusalem.