RIYADH: The Lord Mayor of the City of London Alastair King launched the first meeting of the UK-Saudi Infrastructure Assembly in Riyadh on Tuesday to enhance financial and professional cooperation between the two countries.
The initiative is in partnership with Saudi Arabia’s Ministry of Investment, the UK’s Department for Business and Trade, and the City of London Corporation.
“We want to create a better system for doing business together. What we are launching is the UK-Saudi Infrastructure Assembly — a platform bringing together various parties involved in infrastructure investment,” King told Arab News ahead of the meeting.
The new strategic partnership aims at boosting collaboration between the UK’s financial and professional services sectors and Saudi Arabia’s sustainable infrastructure developers.
King said the assembly would help Saudi and UK counterparts to prepare for more joint projects in the Kingdom.
“That means that the costs will go down because they do not have to go through all the mobilization costs. The cost of capital can fall if you have got those companies absolutely ready,” he said.
“I think that is a very exciting example of the sort of collaboration that we have between the UK and Saudi Arabia.”
The assembly has brought together leading Saudi and UK firms, policymakers, and industry experts to shape the future of sustainable infrastructure investment.
It has focused on projects such as the new Electric Vehicle Infrastructure Company, led by the Public Investment Fund, and the Prince Faisal bin Fahad Sustainable Sports City, led by Saudi Arabia’s National Center for Privatization.
King highlighted other areas with potential for greater cooperation, including regulatory alignment, the insurance sector, and cultural exchange.
He said: “We see remarkable opportunities in sectors like asset management. It is something that we do very well. In the UK we have the second-largest investment management industry in the world.
“We have around £10.9 trillion ($14.7 trillion) under management in the UK. We’re looking for all kinds of collaboration with Saudi Arabia in that area.”
He added: “I think we would like to see more collaboration on the legal side as well. (Some) 80 percent of global contracts are under English law.”
King said that he would meet government ministers, regulators, family offices, and members of the insurance industry during his time in Riyadh.
When asked why he chose to visit the Kingdom at this time, King said: “It is a remarkable moment. We have got major developments in the UK that present a good set of opportunities for Saudi parties.”
King added that he would return to Riyadh in October for the Future Investment Initiative.
