North East England is set to receive a major economic boost with a GBP3 billion ($3.7 billion) investment from Saudi Arabia, as revealed by the British deputy prime minister, Oliver Dowden. The investment is expected to sustain approximately 2,000 jobs in the region, further strengthening the local economy.
Strengthening U.K.-Saudi relations
The two-day GREAT Futures Initiative Conference, held in Riyadh, witnessed virtual remarks from U.K. Prime Minister Rishi Sunak and Saudi Crown Prince Mohammed bin Salman.
Dowden, highlighting the collaborative efforts between the two countries, expressed optimism about the future of U.K.-Saudi relations.
He emphasized that the partnership between the nations can meet the challenges of the 21st century and generate mutual prosperity.
Showcasing British expertise, supporting Vision 2030
The conference serves as the launchpad for a year-long campaign aimed at highlighting British expertise and capabilities in sectors that support Saudi Arabia’s Vision 2030.
With over 450 U.K. business delegates in attendance, this marks the largest turnout in over a decade, reflecting the strong interest and commitment from British businesses.
Deepening financial collaboration
Dowden announced that Saudi companies have raised GBP56.1 billion in London’s capital markets since 2022, with GBP10.3 billion classified as green and sustainable finance. This highlights the growing financial collaboration between the two nations and their shared commitment to sustainable investments.
Enhancing education, cultural ties
In addition to the economic partnership, the U.K. and Saudi Arabia are strengthening cultural and educational ties.
The University of Strathclyde will establish a physical presence at the Princess Nourah bint Abdulrahman University, the largest institute for women globally.
This partnership will provide female students with access to a broader range of subjects, including business and STEM.
Furthermore, an Education Task Force, chaired by Sir Steve Smith and Saudi Education Minister Yousef Al-Benyan, will promote cooperation in higher education, leading to the signing of 40 partnerships between the two nations.
Trade deal negotiations, partnerships
The visit of the British deputy prime minister to Saudi Arabia coincides with the 7th round of negotiations between the U.K. and the Gulf Cooperation Council for a modern and ambitious trade deal.
This trade agreement, building on the existing robust GBP59 billion trading relationship, has the potential to add GBP1.6 billion to the U.K. economy and facilitate easier trade with all six Gulf countries, including Saudi Arabia.
Key partners such as British Airways and HSBC U.K. Bank Plc are playing a crucial role in promoting the U.K. as a leading destination for business, tourism, and investment.
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Collaboration and partnership across various sectors
Several companies, including North Highland, TAG, and Innovo, have joined forces with the U.K. government to support the initiatives and investments in Saudi Arabia.
These partnerships aim to provide expertise in change and transformation consultancy, content production, and urban development, further enhancing the mutual investment opportunities between the two nations.
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