London Hosts GREAT FUTURES Closing Conference Featuring Largest-Ever Saudi Delegation For Economic Cooperation

The closing conference of the GREAT FUTURES initiative took place in London, coinciding with the fifth meeting of the Saudi-UK Strategic Partnership Council's economic and social pillar. This event was co-chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud and UK Prime Minister Keir Starmer. The gathering saw participation from 195 Saudi business leaders, 33 government officials, over 320 British company representatives, and around 30 UK government officials.

During the conference, a new Saudi-UK Strategic Partnership was announced. This partnership aligns the UK's modern industrial strategy with Saudi Vision 2030. It focuses on five key areas: financial connectivity, life sciences and health tech, industrial growth, creative industries, and innovation in education. These areas aim to enhance cooperation between the two nations.

Majid Al-Kassabi, Minister of Commerce and Chair of the council’s Economic and Social Committee, highlighted significant transformations in the Saudi economy driven by HRH the Crown Prince's vision. In a session with UK Secretary of State for Business and Trade Jonathan Reynolds, Al-Kassabi praised ongoing initiatives aimed at innovation and business empowerment. He noted efforts to increase trade to £30 billion by 2030.

The UK is already among Saudi Arabia’s top trading partners. Last year, trade between the two countries exceeded £16 billion. Currently, 1,689 British companies operate in Saudi Arabia, with 75 choosing Riyadh as their regional headquarters. These figures underscore the strong economic ties between the nations.

The conference featured five workshops focused on enhancing Saudi-UK cooperation in priority sectors. Presentations showcased success stories from companies in both countries. An accompanying exhibition highlighted achievements while folkloric musical performances celebrated both cultures. The event concluded with signing 38 agreements worth over SAR20 billion.

A presentation on the UK's industrial strategy was part of the conference agenda. Discussions included technology's impact on reshaping industries and how governments can enable private sector competitiveness through advanced technologies. A visual presentation by Diriyah Company demonstrated transforming Saudi heritage into a sustainable urban living model.

GREAT FUTURES Initiative Impact

The GREAT FUTURES initiative serves as a key driver for advancing shared economic priorities between Saudi Arabia and the UK. It aims to push forward strategic initiatives across 13 promising sectors such as education, health, tourism, culture, sports, trade and investment, and finance. The initiative highlights achieved successes while accelerating economic growth.

Riyadh hosted another GREAT FUTURES initiative conference in May 2024 with participation from 2,200 business representatives from both countries. The event included more than 20 bilateral ministerial meetings along with signing 13 agreements. Over the past year, numerous economic events were organized to further strengthen this partnership.

The conference underscored a commitment to fostering collaboration between Saudi Arabia and the UK across various sectors. By aligning strategies like Vision 2030 with modern industrial approaches, both nations aim to achieve significant economic milestones together.

With inputs from SPA