Saudi Arabia and the UK have launched the GREAT FUTURES Initiative to boost investments between the two nations. The initiative aims to explore opportunities in 13 sectors through 60 projects, strengthening economic ties.
The GREAT FUTURES Initiative Conference began in Riyadh and is being organized by the Saudi-UK Strategic Partnership Council, led by Saudi Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.
The event is being attended by over 800 participants from both Kingdoms’ public and private sectors.
Saudi Arabia’s Commerce Minister Majid Al-Qasabi emphasized that the conference embodies the vision of the Saudi-UK Strategic Partnership Council which is dedicated to expanding the economic alliance.
Al-Qasabi highlighted that the Saudi-UK partnership has led to the launch of 60 initiatives in 13 economic sectors, with bilateral trade increasing by over 30% from 2018 to 2023, surpassing 79 billion pounds sterling.
British Deputy Prime Minister Oliver Dowden emphasized the partnership’s goal of fostering prosperity and adapting to challenges and advancements.
Leading a UK delegation of over 450 participants, 70% of whom are visiting the Kingdom for the first time, Dowden expressed Britain's readiness to contribute to Saudi Arabia’s Vision 2030 goals and strengthen the economic alliance.
On his part, Saudi Investment Minister Khalid Al-Falih affirmed that both Saudi Arabia and the UK lead over 20 global economies. He highlighted that Saudi Arabia’s national transformation plan, “Vision 2030,” aims to diversify the economy and boost investments by over $880 billion, making the local market among the top 10 worldwide.
Al-Falih noted the increasing trend of companies choosing Saudi Arabia for investments, with over half of these investments coming from the UK.
He explained that the conference isn’t a one-time event but a year-long campaign with various initiatives across 13 sectors. Al-Falih emphasized sectors like culture, sports, digital, financial services, and trade as focal points for growth.
