Saudi Gazette report

RIYADH — Saudi Arabia and the United Kingdom have reaffirmed their commitment to enhancing economic partnerships, aiming to increase bilateral trade to $37.5 billion by 2030.

The two nations also pledged to boost mutual investments through Saudi Arabia's Vision 2030 and the UK’s Industrial Strategy, focusing on emerging industries that drive future global competitiveness, create jobs, and promote prosperity for their people while ensuring sustainable growth.

This came in a joint statement released at the conclusion of UK Prime Minister Keir Starmer's official visit to Saudi Arabia.

UK Prime Minister Keir Starmer visited Saudi Arabia on December 9, 2024, where he was received by Crown Prince Mohammed bin Salman at Al Yamamah Palace in Riyadh.

The two leaders held formal discussions, emphasizing the role of the Saudi-UK Strategic Partnership Council in fostering collaboration between the two nations.

They expressed eagerness to host the next council meeting in the UK and celebrated significant progress in expanding and diversifying bilateral relations.

Both nations stressed the importance of boosting economic cooperation. They committed to raising trade volume to $37.5 billion by 2030 and enhancing investments across strategic sectors through Vision 2030 and the UK’s Industrial Strategy.

The focus will be on industries of the future that enhance global competitiveness and provide employment opportunities.

The leaders welcomed advancements in the Gulf Cooperation Council-UK Free Trade Agreement and highlighted growing mutual investments.

Saudi investments in the UK in 2024 included the Public Investment Fund’s acquisitions, such as Selfridges and Heathrow Airport, and additional investments in Newcastle United Football Club.

Meanwhile, the UK announced plans to increase export finance exposure to $6 billion, building on the $700 million Shariah-compliant financing for the Qiddiya project.

The two sides highlighted ongoing collaboration in energy, including renewable energy and clean hydrogen.

They emphasized the importance of developing clean hydrogen policies, standards, and business models, alongside human capacity-building as a cornerstone for successful partnerships.

Saudi Arabia’s Global Supply Chain Resilience Initiative was acknowledged as a step toward securing global supply chains, particularly in renewable energy, hydrogen production, and green metals.

The launch of five Saudi special economic zones was celebrated as a platform for British companies to benefit from incentives across supply chains and strategic sectors.

The nations committed to strengthening ties in clean technology, energy innovation, and sustainable growth.

They agreed to establish a Saudi-British clean hydrogen alliance, led by King Fahd University of Petroleum and Minerals and Newcastle University.

Cooperation in financial services, including banking, fintech, asset management, and green finance, was emphasized.

In education, both sides welcomed plans to increase the number of British schools in Saudi Arabia to 10 by 2030 and support the establishment of British university branches in the Kingdom, aligning with its knowledge-driven economic goals.

Cultural collaboration under a bilateral memorandum of understanding was lauded, including initiatives to strengthen ties between cultural organizations and infrastructure projects like heritage and museum development in AlUla. The launch of a partnership between the Royal Commission for AlUla and the British Council was highlighted.

Healthcare initiatives included plans to establish a nursing college in Saudi Arabia through partnerships with British universities and continued cooperation to tackle global health challenges.

Both nations pledged to deepen strategic defense partnerships, focusing on industrial cooperation, advanced weapons, and cybersecurity.

They underscored shared security priorities, including combating terrorism and addressing regional threats.

They also highlighted joint humanitarian efforts, committing $100 million to projects focusing on emergency relief and development.

Annual Saudi-UK strategic dialogues on humanitarian assistance and international development were agreed upon.

On Gaza, both sides called for an immediate end to conflict, the release of hostages, and protection of civilians, in line with UN Security Council resolutions. They reiterated the importance of a two-state solution for lasting peace.

On Syria, they urged the international community to support peace efforts and address the ongoing humanitarian crisis.

On Yemen, they reaffirmed support for the Presidential Leadership Council and comprehensive political solutions. In Sudan, they emphasized building on the Jeddah Declaration to protect civilians and achieve a lasting ceasefire.

Regarding Ukraine, the two nations committed to continued dialogue and called for efforts to secure a just and sustainable peace respecting sovereignty.

The UK reaffirmed its strong support for Saudi Arabia’s Vision 2030 and the opportunities it presents for bilateral cooperation.

Both sides celebrated increased connectivity, facilitated by expanded air links and eased visa requirements, as a catalyst for greater cultural and economic exchange.

The statement concluded with optimism about the enduring partnership between Saudi Arabia and the UK, emphasizing shared aspirations for sustainable growth, mutual prosperity, and global security.