RIYADH: Recent British deals with Saudi Arabia and the UAE have created 4,000 new jobs in Britain and are part of UK Prime Minister Keir Starmer’s plans to raise living standards, he said during a recent visit to Riyadh.
Starmer was received by Crown Prince Mohammed bin Salman at Al-Yamamah Palace in the Saudi capital this week, where discussions centered on enhancing bilateral cooperation in areas of mutual economic interest.
“The UAE and Saudi Arabia are key partners of ours. So I’ve been making the case that now is the time for further investment into our country, as far as Saudi Arabia is concerned,” Starmer told local press.
Saudi Arabia and the UK outlined plans to boost economic relations and investment during a high-level business roundtable held in Riyadh. (SPA)
“For example, some of the deals we’ve done in the last few weeks have yielded 4,000 jobs, and so I’m here driving growth with the sole intention of making sure that when I say living standards will go up in the UK, people will feel better off that we’ve got the plan to follow through and deliver on that, with acts, with investment around the world.”
The visit included a high-profile business roundtable on Monday featuring Saudi Minister of Investment Khalid Al-Falih, Minister of Commerce Majid Al-Kassabi, Saudi Ambassador to the UK Prince Khalid bin Sultan, and Starmer.
Trade and investment: Key drivers
Trade between the UK and Saudi Arabia has seen robust growth in recent years, with bilateral trade valued at £14 billion annually. The UK is a key exporter to the Kingdom, supplying machinery, vehicles and pharmaceuticals, while Saudi Arabia exports crude oil, petrochemical products and significant investments in non-oil sectors.
FASTFACTS
• The Kingdom has been actively fostering global partnerships, as reflected in its agreements with the UK.
• Sectors such as green energy, digital transformation and healthcare innovation are seen as crucial for the next phase of bilateral economic engagement.
Recent discussions placed a particular emphasis on diversifying this trade relationship. Sectors such as green energy, digital transformation and health care innovation are seen as crucial for the next phase of bilateral economic engagement.
The growing Saudi-UK trade relationship is fostering collaborations in education and training. (SPA)
Saudi Arabia’s investments in its ICT sector, projected to reach $37.5 billion by 2024, present significant opportunities for British firms.
“The Kingdom’s investment in ICT is a clear signal of its ambitions. For UK technology firms, this is a market of immense opportunity,” said Sarah Walker, CEO of ZainTECH UK, in a previous interview with Arab News.
Renewable energy at the forefront
A cornerstone of the Saudi-UK partnership lies in renewable energy. Saudi Arabia has emerged as a global leader in clean energy, particularly in green hydrogen, where it aims to become a dominant producer.
James Penlington, CEO of London-based Renewable Edge, told Arab News previously: “Saudi Arabia’s investments in green hydrogen are unmatched globally. As a UK company, we are keen to contribute our expertise to support the Kingdom’s sustainability goals.”
The Kingdom’s focus on renewable energy is in line with its Vision 2030 target of generating 50 percent of its electricity from renewable sources by the end of the decade. This ambitious goal has attracted significant interest from UK firms specializing in solar, wind and hydrogen technologies.
Expanding educational and training partnerships
The growing Saudi-UK trade relationship is also fostering collaborations in education and training.
British universities and institutions are increasingly playing a role in developing Saudi Arabia’s workforce, particularly in high-tech fields such as artificial intelligence, robotics and health care.
These partnerships are critical to Vision 2030’s goal of building a skilled and diversified workforce.
“Educational collaboration is an area where UK institutions can bring real value,” Lucy Harper, managing director of Tech Frontier UK, told Arab News on Tuesday.
“With Saudi Arabia focusing on human capital development, we are seeing opportunities to engage in programs that drive innovation and prepare the workforce for future challenges.”
Building on Vision 2030 success
Since the launch of Vision 2030 in 2016, Saudi Arabia has achieved significant progress in economic diversification.
According to official data, 87 percent of its 1,064 initiatives are either completed or on track, demonstrating the Kingdom’s dedication to transforming its economy and creating new opportunities for international investors.
This progress has positioned Saudi Arabia as a key destination for foreign investment.
The Kingdom has been actively fostering global partnerships, as reflected in its agreements with the UK. For example, trade between Saudi Arabia and the UK reached £17.2 billion in 2022, marking a 68 percent increase compared to the previous year.
With Saudi Arabia advancing its Vision 2030 reforms and the UK pursuing new trade partnerships post-Brexit, the bilateral relationship has continued to strengthen.
The focus on renewable energy and technology aligns with Saudi sustainability goals, while UK businesses have benefitted from opportunities in the Saudi Arabia’s $37.5 billion ICT market.
These agreements signal a clear commitment to innovation and sustainable economic growth.
