Saudi Arabia and the United Kingdom have signed investment agreements worth SAR 20 billion ($5.3 billion) at the Great Futures summit in London, a move that strengthens trade and economic cooperation between the two nations.
By the Numbers
The summit produced a significant number of deals, underscoring the deepening economic partnership:
- $5.3 Billion (SAR 20B): The total value of the investment agreements signed at the summit.
- 38 Agreements: The number of deals signed between the two countries.
- £30 Billion: The bilateral trade target the two nations are aiming for by 2030, up from over £16 billion in 2024.
- 750,000+ Visitors: The number of people who travelled between the two countries in 2024, following the launch of electronic visit visas.
Driving Innovation in Key Sectors
The 38 agreements signed at the summit are set to drive innovation in sectors of mutual interest, including mining, chemicals, and biotechnology. In the mining field, the two countries signed an agreement to collaborate on securing critical mineral supplies and exchanging expertise in modern technologies. The new joint investments are expected to create more than 180 new jobs in the UK and Saudi Arabia.
A Thriving Partnership
The summit and the new deals are a major vote of confidence in the economic partnership between the two countries. UK Business Secretary Jonathan Reynolds said, “Today’s new investment announcements are not only a major vote of confidence in our economy but demonstrate our thriving partnership with Saudi Arabia”. Saudi Commerce Minister Majid Al-Qasabi stated that the deals will contribute to strengthening trade and economic cooperation between the two nations. New investments into the UK include the launch of a new UK headquarters for Alfanar in London and the opening of a European headquarters for Riyadh-based International Investment Gate.
Source: AGBI
