Brexit won’t affect economic ties with Kingdom, says business council

RIYADH — The Saudi British Business Council underscored the importance of the commercial and investment relations between the two kingdoms, noting that Britain’s exit from the European Union will not have any negative impact on the economic relations between the two countries. The annual meeting of the British side in the council, held in London recently, highlighted the significance of Britain continuing economic and commercial practices as usual regardless of any negative repercussions from the recent referendum on the EU membership. It hoped that the activities of the joint council would continue following the launch of the Kingdom’s Vision 2030 and the National Transformation Program. In a press statement following the meeting, the council said Saudi Arabia is Britain’s most important market in the Middle East. British exports to the Kingdom was worth 5.5 billion euro in 2015 while Saudi investments in Britain is estimated at 62 billion euro, the statement added.