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‘GREAT FUTURES’ Initiative Launches from Riyadh, Forging Saudi-UK Investment Path

Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
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‘GREAT FUTURES’ Initiative Launches from Riyadh, Forging Saudi-UK Investment Path

Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)
Saudi Arabia’s Commerce Minister Majid Al-Qasabi at the GREAT FUTURES Initiative Conference in Riyadh (Asharq Al-Awsat)

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.

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Saudi Arabia Urges Global Action to Tackle Energy Poverty

Saudi Finance Minister Mohammed Al-Jadaan speaks at the forum in Vienna on Tuesday. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan speaks at the forum in Vienna on Tuesday. (SPA)
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Saudi Arabia Urges Global Action to Tackle Energy Poverty

Saudi Finance Minister Mohammed Al-Jadaan speaks at the forum in Vienna on Tuesday. (SPA)
Saudi Finance Minister Mohammed Al-Jadaan speaks at the forum in Vienna on Tuesday. (SPA)

Saudi Finance Minister Mohammed Al-Jadaan underscored on Tuesday the critical role of economic reforms in securing basic needs for individuals and communities to achieve prosperity and tackle developmental challenges.

Speaking at the opening session of the 2025 OPEC Fund for International Development Forum in Vienna, he highlighted the urgent need to address “energy poverty” affecting around 1.2 billion people worldwide.

Al-Jadaan emphasized that energy security is not a luxury, but a fundamental pillar for inclusive development and growth.

He warned that its absence disrupts vital sectors, such as healthcare, education, economic productivity, environmental sustainability, and even water extraction and food security.

The minister pointed to geopolitical tensions, market volatility, and rising global energy demand as pressing factors compelling nations to adopt strategic approaches to bolster energy security.

He called for diversifying energy sources, boosting investments in clean technologies, and embracing innovative financing solutions to accelerate energy access and support long-term sustainability.

Moreover, Al-Jadaan urged development banks to take effective action, outlining four key areas for focus. First, he stressed the need for multilateral development banks to support all energy sources impartially.

He cautioned against unrealistic emissions-cutting policies that exclude major energy sources, warning such moves could destabilize energy markets and disproportionately affect developing countries and communities.

Second, he highlighted the importance of concessional financing to speed up energy access in underserved regions.

He praised the World Bank-led “Mission 300” initiative aimed at providing energy to 300 million people in Africa, with significant contributions from partners including the Islamic Development Bank and the OPEC Fund for International Development.

Third, Al-Jadaan discussed lowering investment risks in the energy sector to attract private sector participation.

He pointed to tools such as partial risk guarantees, political risk insurance, and blended finance structures as vital in enhancing the financial viability of energy projects, especially in low-income, high-risk countries.

The fourth focus area called for increased investment in emerging energy technologies, including carbon capture, utilization and storage (CCUS), and more sustainable uses of hydrocarbons.

These efforts, he said, would bolster energy security while addressing carbon emissions in the transition toward net zero.

Al-Jadaan warned that the impacts of energy poverty transcend borders, fueling economic instability, increasing migration pressures, and raising humanitarian burdens worldwide.

He reaffirmed Saudi Arabia’s commitment to working with international partners to strengthen energy security and eradicate energy poverty alongside its climate change initiatives.

Furthermore, Al-Jadaan highlighted the Kingdom’s ambitious targets: generating 50% of its electricity from renewable sources by 2030 and achieving net-zero emissions by 2060, within a circular carbon economy framework.

Global cooperation is essential to achieving fair, sustainable development that benefits all, he stressed.