A British official has announced plans to explore new economic opportunities in Saudi Arabia aimed at enhancing strategic integration between London and Riyadh. Those include developing sustainable infrastructure, fostering public-private partnerships, leveraging innovative financing models, expanding green technology, advancing renewable energy, and promoting the growth of sustainable cities.
The Lord Mayor of the City of London, Lord Alastair King, spoke to Asharq Al-Awsat about his meetings with senior business leaders from the financial and professional services sectors during the recent Global Investment Forum in Riyadh. He highlighted a wide range of investment opportunities, spanning healthcare, green finance, and more.
The official’s comments come as British Prime Minister, Keir Starmer, embarks on his first visit to the Gulf region since taking office. The visit, which includes Saudi Arabia and the UAE, seeks to bolster economic and defense ties.
Strengthening Partnerships
During his recent trip to Saudi Arabia, Lord King held bilateral meetings with the Ministers of Finance and Investment, as well as the Governor of the Central Bank. The discussions focused on deepening collaboration in areas such as insurance, banking, digital transformation, green finance, cybersecurity, and financial technology.
Highlighting the importance of the relationship between the two countries, Lord King stated that Saudi Arabia was one of his first destinations due to its strategic significance, including its major defense ties with the UK and Saudi investments in Britain, which are valued at approximately £65 billion.
He also mentioned the establishment of the UK-Saudi Strategic Partnership Council last year, which aims to strengthen collaboration in various sectors. He emphasized that the UK’s expertise in fintech, green finance, and insurance, positions it as a natural partner to support Saudi Arabia in achieving its Vision 2030 goals, which include economic diversification, financial inclusion, and sustainable development.
The Saudi-British Summit
Lord King also mentioned the recent Saudi-British Sustainable Infrastructure Summit, co-hosted by the City of London Corporation and the Saudi-British Joint Business Council. The summit brought together approximately 200 high-level participants, including policymakers, industry leaders, and financial professionals from both countries, along with international delegates.
Trade and Economic Ties
The Gulf Cooperation Council (GCC), as a bloc, ranks as the UK’s fourth-largest trading partner, with bilateral trade exceeding $72 billion annually. Lord King expressed optimism about finalizing a comprehensive trade agreement with the GCC, calling it a significant step forward.
The UK’s Secretary of State for Business and Trade, Jonathan Reynolds, recently visited the region to stress the priority of this agreement. Lord King noted that ongoing negotiations aim to implement the recommendations of the UK-GCC Joint Trade and Investment Review, which calls for faster access to markets for professional, commercial, and financial services.
The senior British official also underlined the significant opportunities for collaboration in green and digital innovation. He pointed to London’s position as a global leader in financial and technological innovation, stating that the UK’s position at the crossroads of Europe’s largest financial and technological sectors makes it one of the world’s top innovation hubs.
