KSA And UK Aim To Expand Economic Partnership At GREAT FUTURES Conference

The GREAT FUTURES Initiative Conference began today in Riyadh, attracting around 1,500 participants from Saudi Arabia and the UK. Notable attendees included British Deputy Prime Minister Oliver Dowden and several Saudi and British ministers. The conference aims to strengthen economic ties between the two nations and promote trade and mutual investment across various sectors.

Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce, emphasized that the conference reflects the vision of the Saudi-UK Strategic Partnership Council. This council is led by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, alongside UK Prime Minister Rishi Sunak. The council is committed to enhancing the economic alliance between the two countries.

Al-Qasabi highlighted that the Saudi-UK partnership has initiated 60 projects across 13 economic sectors. He noted that bilateral trade between the two nations increased by over 30% from 2018 to 2023, exceeding 79 billion pounds sterling. Additionally, he mentioned that 1,139 British investors are benefiting from economic and developmental reforms in Saudi Arabia.

British Deputy Prime Minister Oliver Dowden underscored that the Saudi-UK partnership aims to foster prosperity and adapt to challenges and advancements. Leading a UK delegation of over 450 participants from both government and private sectors, Dowden expressed Britain's eagerness to contribute to the goals outlined in Saudi Arabia's Vision 2030.

Dowden emphasized the importance of increasing mutual investments and exports, as well as enhancing tourism and cultural exchange. He noted that 70% of the UK delegation members are visiting Saudi Arabia for the first time.

Conference Agenda

The conference is scheduled to run for two days (May 14-15) at the King Abdullah Financial District in Riyadh. It will feature 20 ministerial meetings, 130 speakers across 50 dialogue sessions, and 10 workshops. The GREAT FUTURES Initiative will also include events over the next 12 months, involving participation from innovative UK companies to support partnerships in promising and emerging sectors.

The event underscores the commitment of both nations to deepen their economic ties and explore new opportunities for collaboration. The focus on mutual investments, trade, tourism, and cultural exchange highlights the comprehensive approach taken by both countries to strengthen their partnership.

With inputs from SPA