JEDDAH: Saudi-UK business ties are set to grow as more than 400 leaders from various sectors gathered in London to explore cross-border investment opportunities and strengthen economic partnerships.
Minister of Investment Khalid Al-Falih led the Kingdom’s delegation at the UK-Saudi Investment and Partnership Summit held on June 11 at Mansion House in London’s financial district.
The Kingdom and the UK are strengthening economic ties, with bilateral trade hitting $21.6 billion in 2023 and a shared target of $37.5 billion by 2030, driven by the UK-GCC Free Trade Agreement negotiations and the UK’s GREAT Futures campaign.
Investment flows remain strong, with Saudi Arabia investing over $21 billion in the UK since 2017, including $3.5 billion in the northeast, while UK foreign direct investment in the Kingdom reached $13 billion by 2023.
Organized by the UK-British Joint Business Council and hosted by the City of London Corp., the summit was supported by the Saudi Ministry of Investment and the UK Department for Business and Trade, the Saudi Press Agency reported.
