Saudi Arabia, UK target $90 bln mutual trade, investment opportunities

Saudi Arabia and the United Kingdom are targeting SAR 339 billion (£65 billion) in mutual trade and investment opportunities over the coming years, including direct investment in the UK and new Saudi public procurement with UK companies.

The announcement came following the inaugural meeting of the “UK-Saudi Arabia Strategic Partnership Council,” hosted jointly by Saudi Crown Prince Mohammed bin Salman and British Prime Minister Theresa May in London.

"This is a significant boost for UK prosperity and a clear demonstration of the strong international confidence in our economy as we prepare to leave the European Union," a Downing Street spokesperson said in the statement.

The new investment and procurement opportunities will be spread across a range of sectors including education, training and skills, financial and investment services, culture and entertainment, healthcare services and life sciences, technology and renewable energy and the defense industry.

It will also include direct investment in the UK and new Saudi public procurement with UK companies.

"The UK was a firm supporter of Saudi Arabia’s Vision 2030, an ambitious blueprint for internal reform that aims to create a thriving economy and a vibrant society," May said in a statement.

She added that the UK was “uniquely placed to partner Saudi Arabia in delivering these vital reforms.”

The British Prime Minister also welcomed recent reforms in Saudi Arabia, including allowing women to attend sporting events and to drive from June.

“The Prime Minister and Crown Prince agreed that we should continue working together to explore ways the UK can support Saudi Arabia to progress and intensify these reforms,” said the spokesperson.

After the meeting of the Strategic Partnership Council, Prince Mohammed and May received a briefing from UK national security officials on foreign policy issues, including Yemen.

The two leaders agreed on the importance of “full and unfettered humanitarian and commercial access, including through the ports, and that a political solution was ultimately the only way to end the conflict and humanitarian suffering in Yemen,” the spokesperson said.

They also discussed Iran and Iraq, and the importance of supporting reconstruction efforts in the latter, the statement said.