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Saudi Arabia, UK Discuss Ways to Boost Industrial and Mining Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met in Riyadh with UK Secretary of State for Business and Trade Jonathan Reynolds. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met in Riyadh with UK Secretary of State for Business and Trade Jonathan Reynolds. SPA
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Saudi Arabia, UK Discuss Ways to Boost Industrial and Mining Cooperation

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met in Riyadh with UK Secretary of State for Business and Trade Jonathan Reynolds. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met in Riyadh with UK Secretary of State for Business and Trade Jonathan Reynolds. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and visiting UK Secretary of State for Business and Trade Jonathan Reynolds discussed on Tuesday opportunities to boost industrial and mining cooperation, and promising investment opportunities for British companies in the two sectors.

They also discussed ways to strengthen the economic partnership between Saudi Arabia and the UK, particularly in the industrial and mining sectors.

The talks tackled encouraging British investors to capitalize on the Kingdom's promising opportunities, leveraging its competitive advantages, including abundant natural resources, advanced infrastructure, and a diverse energy mix.

A key focus of the discussion was enhancing cooperation in the field of critical minerals. Given the growing global importance of these minerals for energy transition and advanced industries like aviation, electric vehicles, and medical technology, the two parties explored opportunities for future expansion in this area.

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Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)
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Saudi Minister of Commerce Meets with British Counterpart to Strengthen Trade Ties

The Saudi and British delegations meet in Riyadh. (SPA)
The Saudi and British delegations meet in Riyadh. (SPA)

Saudi Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council Dr. Majid Al-Qasabi held talks in Riyadh on Monday with British Secretary of State for Business and Trade Jonathan Reynolds and his delegation.

The meeting reviewed Saudi Arabia's Vision 2030, as well as economic and development reforms. Discussions focused on boosting economic partnerships in priority sectors, encouraging British companies to expand their operations in Saudi Arabia, and promoting the growth of startups in research and innovation-driven sectors.

This marks Reynolds' first official foreign visit since assuming office in July, reflecting ongoing efforts to strengthen economic ties between Saudi Arabia and Britain.

The goal is to boost mutual trade and investment across several promising sectors, aligning with the vision of the Saudi-British Strategic Partnership Council, chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and UK Prime Minister Keir Starmer.

Al-Qasabi highlighted the progress of 79 initiatives across 13 economic sectors to strengthen the Saudi-British partnership. He noted that bilateral trade between the two countries grew by more than 30% from 2018 to 2023, reaching $103 billion. Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent economic and business reforms.

Riyadh previously hosted the GREAT Futures Initiative Conference in May, a key event under the Saudi-British Strategic Partnership Council. The conference attracted around 450 British business leaders and facilitated over 20 bilateral ministerial meetings, resulting in the signing of 13 agreements.

Following the meeting, Reynolds was introduced to the Saudi Center for Economic Business, where he learned about the services provided to facilitate business operations in the Kingdom.