$21.5 billion.. volume of trade exchange between Saudi Arabia and UK

Intra-trade between Saudi Arabia and the United Kingdom is set to receive a boost as senior ministers from both countries held talks in London to boost economic ties.

The largest economy in the East

In the third meeting of the Saudi-British Strategic Partnership Council, the Kingdom's Trade Minister Majid bin Abdullah Al-Qasabi and British Investment Minister Dominic Johnson discussed ways to encourage English companies to expand their business in the Middle East, the largest economy in the East.

“$21.5 billion” trade exchange 

This comes at a time when trade exchange between the Kingdom of Saudi Arabia and the United Kingdom reached 80.7 billion Saudi riyals ($21.5 billion) in 2022, reflecting an increase of 68 percent compared to 2021.

  UK exports to Saudi Arabia

While the total value of UK exports to Saudi Arabia amounted to 56.9 billion riyals in 2022, the total value of imports from the Kingdom amounted to 23.8 billion riyals.

  Financing of startups

The two ministers also discussed ways to promote and finance emerging companies in promising fields based on research and innovation, while reviewing the British experience in developing entrepreneurship.

The Saudi delegation, led by Al-Qasabi, includes Deputy Minister of Commerce and CEO of the National Competitiveness Center Eman Al-Mutairi and 45 officials from 22 private and non-profit government agencies.

Enhancing economic cooperation 

The delegation will participate in important meetings with the British government and business officials to enhance economic cooperation between the two countries.

The agenda of the visit also includes meetings between the minister and senior British businessmen, including the CEO of Rolls-Royce, Tofan Ergenbilgic, along with many other engagements with officials from the British Accreditation Authority.

The Saudi delegation will participate in a dialogue with members of the "Asian House", a think tank concerned with promoting trade exchange between Asia, the Middle East and Europe.

The Saudi delegation includes some other members representing the ministries of trade, energy, investment, education, culture, tourism, municipal and rural affairs, and housing.

The Saudi Central Bank, the Public Investment Fund, the General Authority for Foreign Trade, the National Competitiveness Center and the Saudi Economic Business Center will also participate in the visit.

The Saudi-British Strategic Partnership Council was established in 2008, and aims to strengthen relations between the Kingdom and the United Kingdom.

It also seeks to commit to a deeper and more strategic partnership to advance the common interests of both countries.