KSA and UK Expand Economic Partnership at GREAT FUTURES Conference

Riyadh, May 14, 2024 – The GREAT FUTURES Initiative Conference commenced today in Riyadh, hosting approximately 1,500 participants from Saudi Arabia and the UK. The event, which runs through May 15 at the King Abdullah Financial District, was inaugurated with a clear message from Saudi and British officials about their shared determination to expand economic partnership. Among the attendees were British Deputy Prime Minister Oliver Dowden and several Saudi and British ministers, highlighting the high-level commitment to deepening bilateral ties.

Context and Background

The two-day conference is a key outcome of the Saudi-UK Strategic Partnership Council, co-chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and UK Prime Minister Rishi Sunak. The council, established to strengthen the economic alliance between the two nations, has already catalyzed 60 initiatives across 13 economic sectors. Bilateral trade between Saudi Arabia and the UK surged by over 30% from 2018 to 2023, surpassing £79 billion, reflecting the robust and growing economic relationship.

Key Details and Official Statements

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi underscored that the conference epitomizes the vision of the Strategic Partnership Council. He highlighted that 1,139 British investors are now benefiting from the Kingdom’s economic and developmental reforms. In his address, Al-Qasabi emphasized the significant growth in trade and investment, which he attributed to the reform agenda under Vision 2030.

British Deputy Prime Minister Oliver Dowden, leading a UK delegation of over 450 participants from government and private sectors—70% of whom are visiting the Kingdom for the first time—expressed Britain’s anticipation to contribute to the goals of Vision 2030. He stressed the importance of augmenting mutual investments, exports, and enhancing tourism and cultural exchange. “Our partnership aims to foster prosperity and adapt to challenges and advancements,” Dowden said.

Implications and International Impact

The GREAT FUTURES Initiative is set to host 20 ministerial meetings, 130 speakers across 50 dialogue sessions, and 10 workshops. This level of engagement underscores the scale of collaboration and the commitment to translate political will into concrete economic outcomes. The initiative will also entail events over the ensuing 12 months, involving participation from innovative UK companies to bolster partnerships in promising and emerging sectors. This year-long focus signals a sustained effort to enhance ties beyond the conference, potentially opening new avenues for investment in technology, healthcare, and renewable energy.

Vision 2030 Alignment

The GREAT FUTURES Initiative directly supports Saudi Arabia’s Vision 2030, which seeks to diversify the economy, attract foreign investment, and strengthen international partnerships. By deepening collaboration with the UK, the Kingdom is advancing its goals of building a vibrant society, a thriving economy, and an ambitious nation. The conference serves as a testament to the Kingdom’s determination to embrace global partnerships, fostering knowledge exchange and innovation that will drive long-term prosperity for both nations. As the initiative unfolds, it is expected to accelerate progress on shared priorities, positioning the Saudi-UK partnership as a model for international cooperation in the 21st century.

20 Questions

Q1. What is the GREAT FUTURES Initiative?

A1. The GREAT FUTURES Initiative is a conference and year-long program aimed at strengthening economic relations between Saudi Arabia and the UK. It brings together leaders, businesses, and innovators to foster trade, investment, and collaboration in promising sectors, aligning with both nations’ strategic goals.

Q2. When and where did the GREAT FUTURES Initiative Conference take place?

A2. The conference commenced on May 14, 2024, and runs for two days until May 15, 2024. It is held at the King Abdullah Financial District in Riyadh, a major business hub in Saudi Arabia.

Q3. Who were the key figures in attendance at the conference?

A3. Key figures included Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi, British Deputy Prime Minister Oliver Dowden, and several other Saudi and British ministers. Their presence underscored the high-level commitment to enhancing bilateral ties.

Q4. What is the primary objective of the conference?

A4. The primary objective is to fortify economic relations between Saudi Arabia and the UK, fostering trade and mutual investment across various sectors. The conference aims to translate political will into concrete economic outcomes and explore new collaborative opportunities.

Q5. How many participants attended the GREAT FUTURES Initiative Conference?

A5. Approximately 1,500 participants from Saudi Arabia and the UK attended the conference, including government officials, business leaders, and experts. This large turnout reflects the strong interest in strengthening bilateral cooperation.

Q6. What is the role of the Saudi-UK Strategic Partnership Council?

A6. The council, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak, is dedicated to bolstering and expanding the economic alliance between the two countries. It has already catalyzed 60 initiatives across 13 economic sectors.

Q7. How much has bilateral trade between Saudi Arabia and the UK grown?

A7. Bilateral trade surged by over 30% from 2018 to 2023, surpassing £79 billion. This growth demonstrates the strong and expanding economic relationship between the two nations.

Q8. How many British investors are benefiting from reforms in Saudi Arabia?

A8. According to Minister Al-Qasabi, 1,139 British investors are benefiting from the economic and developmental reforms in the Kingdom. This indicates the positive impact of Vision 2030 reforms on international investors.

Q9. What did British Deputy Prime Minister Oliver Dowden say about the partnership?

A9. He stressed that the partnership aims to foster prosperity and adapt to challenges and advancements. He expressed Britain’s anticipation to contribute to Vision 2030 goals and reinforce the economic alliance with Saudi Arabia.

Q10. How large was the UK delegation at the conference?

A10. The UK delegation comprised over 450 participants from both the government and private sectors, with 70% of them visiting the Kingdom for the first time. This indicates a fresh wave of British interest in Saudi opportunities.

Q11. What sectors are emphasized in the Saudi-UK partnership?

A11. The partnership spans 13 economic sectors, including promising and emerging ones. Specific sectors were not detailed in the statement, but likely include technology, healthcare, tourism, and renewable energy, among others.

Q12. How many sessions and workshops are planned during the conference?

A12. The conference features 20 ministerial meetings, 130 speakers across 50 dialogue sessions, and 10 workshops. This extensive program highlights the breadth of topics to be covered.

Q13. What is the significance of the GREAT FUTURES Initiative events?

A13. The initiative entails events over the ensuing 12 months, involving participation from innovative UK companies to bolster partnerships in promising and emerging sectors. This year-long engagement ensures sustained collaboration beyond the conference.

Q14. How does the GREAT FUTURES Initiative align with Vision 2030?

A14. The initiative supports Vision 2030 by diversifying the economy, attracting foreign investment, and strengthening international partnerships. It contributes to building a thriving economy and an ambitious nation.

Q15. What did Minister Al-Qasabi highlight about the partnership?

A15. He highlighted that the conference epitomizes the vision of the Strategic Partnership Council and that the partnership has catalyzed 60 initiatives. He also noted the significant growth in bilateral trade and the number of British investors.

Q16. What is the role of British companies in the GREAT FUTURES Initiative?

A16. British innovative companies will participate in events over the next 12 months to bolster partnerships in promising and emerging sectors. This involvement aims to bring UK expertise and innovation to Saudi Arabia.

Q17. How many ministers and speakers are involved in the conference?

A17. The conference includes 20 ministerial meetings and 130 speakers across 50 dialogue sessions. This high-level participation underscores the importance both governments place on the event.

Q18. What is the expected impact of the conference on Saudi-UK relations?

A18. The conference is expected to deepen economic ties, promote mutual investments, and enhance collaboration in various sectors. It will likely lead to new agreements and partnerships that strengthen the bilateral relationship.

Q19. How did the conference accommodate British delegates visiting for the first time?

A19. The conference provided a platform for first-time visitors to explore opportunities in Saudi Arabia. The high percentage of first-time visitors (70%) suggests the event is effective in attracting new UK interest in the Kingdom.

Q20. What is the long-term vision for Saudi-UK economic collaboration?

A20. The long-term vision is to build a robust economic alliance that fosters prosperity, innovation, and stability. Through initiatives like GREAT FUTURES, both nations aim to achieve mutual growth and contribute to regional and global economic development.

---