London will host the Saudi-UK SME Partnership Forum in its third edition to support Saudi-British companies involved in technical and technological fields.
Meanwhile, the British government appointed Ken Costa as its special representative for the Kingdom’s Vision 2030 to promote economic cooperation between Riyadh and London.
Officials from both countries in small and medium-sized enterprises (SME) have been working to prepare and assist partners within a maximum of 30 Saudi companies and 30 British firms to work together with potential partners and investors in various sectors, including renewable energy, healthcare, technology, e-commerce and technology.
"Relations between the two countries are at their best, and the British side is very keen to develop economic relations with Saudi Arabia," Chairman of Saudi-British Business Council Eng. Nasser bin Mohammed al-Mutawa told Asharq Al Awsat.
He shed light on the visit of the Lord Mayor, Charles Bowman, who is the head of the City of London Corporation, based in the historic financial district, a month ago and focused on the initial public offering of oil giant Aramco at London Bourse.
Mutawa also pointed out that the Saudi-British Forum will allow potential partners and investors to work together to bring about real change in the level of expertise in the development of technological innovation and work to explore and develop opportunities in all technology markets.
Saudi Arabia enjoys a youth category that represents the majority of the people, Mutawa said, stressing that the Kingdom is familiar with the latest technology produced under the vision 2030 and has set ambitious goals for the private sector to play an effective role in the national economy, as in Britain.
He confirmed the presence of 6,000 British companies dealing with Saudi Arabia and 200 joint companies worth 11.5 billion pound sterling in light of expectations that 2018 will witness an increase in joint investments and trade.
The forum includes partnerships between Saudi and British companies, a private sector workshop, and visits to technology industry sites and environmental systems for innovation outside London.