Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
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Saudi Arabia, UK Discuss Strengthening Collaboration in Industrial and Mining Sectors

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA
Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and UK's Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng. SPA

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef has met in London with Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng, the Saudi Press Agency reported.

Attended by a number of industry and mining leaders, the meeting comes as part of the Minister’s visit to the United Kingdom to enhance collaboration and bilateral relations in industry and mining, SPA said Wednesday.

Both sides explored investment opportunities in the industrial and mining sectors, and strengthened ongoing collaboration.

The Kingdom's total non-oil exports to the United Kingdom amount to SAR1.53 billion whereas its total non-oil imports from the United Kingdom amount to SAR10.50 billion.

According to the SPA, the ministers emphasized the importance of raising the level of collaboration in bilateral relations in both sectors and enhancing communication channels to attract quality investments that align with the Kingdom's Vision 2030 objectives aimed at diversifying the economy.

With more than 10,000 factories, the industrial sector currently has investments worth around $400 billion. Over the past year, new investments worth more than $20 billion have been attracted.

The Kingdom's mineral wealth is estimated to be worth $1.3 trillion. Through a number of initiatives and programs, including the General Program of the Geological Survey, which aims to explore minerals on an area of 600 square kilometers, the Kingdom seeks to empower high-quality investments in both sectors.



Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
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Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups

The number of foreign start‑ups holding Saudi Arabia’s “Riyadi” entrepreneurship license has more than doubled to 550 by mid‑2025, up 118 % from the same period a year earlier, the Investment Ministry said.

The Riyadi permit lets overseas founders launch and scale technology and innovation‑focused companies in the kingdom. Officials say the surge reflects a government push to position Saudi Arabia as the Gulf’s start‑up hub by easing market entry and offering flexible regulation.

The General Authority for Small and Medium Enterprises (Monsha’at) has meanwhile issued 364 licenses for business incubators and accelerators, helping international entrepreneurs develop prototypes, find mentors and connect with investors.

Flagship tech gatherings such as Biban and LEAP in Riyadh – along with Saudi delegations to global events including Web Summit, VivaTech and Slush – have burnished the kingdom’s credentials as a magnet for venture capital and talent, the ministry said.

The momentum comes as Riyadh chases the economic‑diversification goals of its Vision 2030 plan. The government is targeting $100 billion a year in foreign direct investment (FDI) by 2030.

Overall investment licensing jumped 67.7 % last year. In the fourth quarter of 2024 alone, Saudi Arabia issued 4,615 licenses, up 59.9 % year on year.

Net FDI inflows moderated to 16.0 billion riyals ($4.27 billion) in the third quarter of 2024, 24 % lower than a year earlier but 37 % higher than the previous quarter’s 11.7 billion riyals ($3.12 billion), according to General Authority for Statistics data.

Saudi officials say the Riyadi license is integral to diversifying the economy, fostering innovation and embedding an entrepreneurial culture.