British Deputy Ambassador to Riyadh Anna Walters said the United Kingdom and Saudi Arabia were exploring new partnerships in hydrogen, carbon capture and storage, and clean technologies.
Walters told Asharq Al-Awsat that the two kingdoms were working on many new investment projects, adding that British companies were supporting Saudi giant projects, including NEOM, Qiddiya and Sports Boulevard.
Saudi Arabia is the United Kingdom’s second largest trading partner in the Middle East and the second largest export destination in the region, according to the official.
She noted that latest government figures showed that total trade in goods and services between the two countries reached 17.3 billion pounds in 2022, an increase of 68.5 percent, compared to 2021.
The bilateral relationship, according to Walters, provides important trade and economic opportunities for both parties.
She stressed that cooperation was growing rapidly across a range of sectors, transforming partnerships in defense, health and education, with emerging prospects in new sectors such as life sciences, aerospace, technology, critical minerals, culture, tourism and sports.
The UK is a priority market for the Saudi Public Investment Fund, including investments made through the SoftBank Vision Fund. The PIF has led more than $12 billion in investments in the UK since 2017.
Walters said the UK was currently negotiating with the Gulf Cooperation Council a free trade agreement, noting that the GCC countries, as one bloc, were the seventh largest export market in Britain.
She added that Saudi Arabia was an important investor in her country, expecting the PIF and other Saudi entities to continue to invest heavily in the UK.
