UK, Saudi Arabia expand trade operations
Saudi Arabia was the UK’s 23rd largest trading partner
Dubai: UK companies are poised to expand their operations in Saudi Arabia following a ministerial meeting aimed at bolstering trade ties between the two countries.
This initiative aligns with their shared goal of increasing bilateral trade to $39.6 billion (Dh145 billion) by 2030.
UK trade in goods and services with Saudi Arabia reached $23.2 billion (Dh85 billion) in the year leading up to the first quarter of 2024, according to the UK government’s department for business and trade.
During the meeting, Saudi Arabia’s minister of commerce and chairman of the economic and social committee of the Saudi-British strategic partnership council Majid Al Qasabi noted the progress on 79 initiatives across 13 economic sectors to enhance the Saudi-British partnership, highlighting a more than 30 per cent growth in bilateral trade from 2018 to 2023.
He pointed out that 1,139 British investors are currently operating in Saudi Arabia, benefiting from the reforms aimed at facilitating economic activities.
The discussions also focused on encouraging British investors to leverage Saudi Arabia’s business-friendly environment, which offers various incentives, competitive advantages, and abundant natural resources. The ministers underscored the Saudi Arabia’s advanced infrastructure and diverse energy sources, according to Arab News.
As of the first quarter of 2024, Saudi Arabia was the UK’s 23rd largest trading partner, representing 1 per cent of total UK trade.