Great Futures Initiative Conference Strengthens Saudi-British Economic Partnership

The Great Futures Initiative Conference concluded today at the King Abdullah Financial District, marking a significant event in Saudi-UK economic relations. The conference saw the participation of 200 Saudi and British economic stakeholders and experts, including UK Deputy Prime Minister Oliver Dowden and four other ministers, alongside ten Saudi ministers.

Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-UK Strategic Partnership Council, Dr. Majid bin Abdullah Al-Qasabi, explained that the conference aligns with the vision of the council. This vision is chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and UK Prime Minister Rishi Sunak, aiming to enhance and expand economic partnerships between the two nations.

Dr. Al-Qasabi highlighted that more than 20 bilateral ministerial meetings and 50 panel sessions with 130 speakers were held during the two-day conference. Additionally, 13 agreements were signed, and 10 workshops were organized with 400 participants focusing on initiatives related to the Economic and Social Committee's work in 13 economic sectors. These sectors include tourism, culture, education, health, sports, investment, trade, and financial services.

The conference achieved its goal of strengthening Saudi-British economic relations. The large turnout and number of participants indicate a positive impact that could contribute to the development of trade and joint investment. Dr. Al-Qasabi noted that about 70% of the British delegation were visiting the Kingdom for the first time. He emphasized that Saudi Arabia is an ideal place for investment due to diverse opportunities, ongoing economic transformations, and a focus on emerging high-growth sectors.

UK Minister for Business and Trade Lord Dominic Johnson stated that the conference provided an opportunity for communication between business sectors in both countries. He underscored the solid British-Saudi economic relations and the vast opportunities available in their economies.

The Great Futures Initiative will continue its activities over the next 12 months. It will feature participation from some of the most creative and innovative companies in the UK to enhance partnerships in promising and emerging sectors.

With inputs from SPA