As Keir Starmer’s visit approaches, the Saudi-UK economic partnership deepens in energy, technology, and infrastructure
The Saudi-UK economic partnership is accelerating, driving innovation and economic growth across sectors like energy, technology, and sustainable infrastructure. With bilateral trade set to reach $39.6 billion by 2030, Saudi Arabia and the United Kingdom are strengthening their collaboration, building on a shared vision for progress and prosperity.
Since the establishment of the UK-Saudi Strategic Partnership Council in 2018, the alliance has expanded significantly. This annual platform has become central to enhancing bilateral relations, with the UK actively supporting Saudi Arabia’s Vision 2030 agenda. Key areas of focus include education, infrastructure, and cutting-edge technologies.
Trade between the two nations has surged by over a third since 2018, surpassing $99 billion, according to Saudi Minister of Commerce Majid Al-Qasabi. British investment in Saudi Arabia has also flourished, with inflows reaching $5.4 billion in 2022 alone. The Kingdom now hosts over 1,100 licensed UK investors, buoyed by transformative projects like NEOM and The Line, alongside sweeping policy reforms.
Embed from Getty ImagesThe collaboration isn’t one-sided. The UK is Saudi Arabia’s second-largest foreign investor, with investment stock valued at approximately $16 billion. Highlighting the depth of this partnership, Saudi Minister of Investment Khalid Al-Falih noted the shared commitment to fostering mutual growth during the Great Futures Initiative Conference held in May. The event welcomed 2,200 economic stakeholders, including 450 British business leaders, underlining the scale of this economic engagement.
In sustainable development, the relationship continues to strengthen. The UK-Saudi Sustainable Infrastructure Summit, held in London on 24 June, underscored the nation’s dedication to building green economies. Initiatives like Carbon Clean’s partnership with Saudi Aramco, which aims to create 2,000 UK-based jobs, exemplify how the collaboration benefits both economies while addressing global challenges.
Education is another key pillar of this evolving partnership. Saudi Minister of Education Yousef Al-Benyan has spearheaded initiatives to bridge academic ties, engaging with British universities to exchange expertise and develop talent. Such efforts aim to create a skilled workforce aligned with the demands of a rapidly changing global landscape.
Saudi Defence Minister Prince Khalid bin Salman and UK Defence Secretary John Healey also discussed bolstering defence and security ties during a recent meeting, further highlighting the multifaceted nature of the partnership.
As UK Prime Minister Keir Starmer prepares for his official visit to Saudi Arabia, the relationship between the two nations stands at an inflexion point. Their combined efforts are reshaping economic landscapes and driving global innovation, reinforcing the enduring strength of this modern alliance.
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