The GREAT Futures Initiative Conference commenced on Tuesday in King Abdullah Financial District, Riyadh, with the primary objective of strengthening economic cooperation between Saudi Arabia and the United Kingdom, amidst the backdrop of burgeoning economic relations.
British Ambassador to Saudi Arabia Neil Crompton, speaking to Arab News, highlighted the significance of the event, stating that it marked the largest UK business delegation in over a decade to visit Riyadh. Over 400 delegates from the UK, 70 percent of whom have not previously visited the Kingdom, have converged for the conference. Crompton emphasized that the conference aims to forge partnerships spanning various sectors, from cultural institutions to cutting-edge technologies, aligning with the transformative Vision 2030.
Organized jointly by the UK government’s GREAT Britain and Northern Ireland campaign and the Saudi government, the conference is an integral part of the Saudi-British Strategic Partnership Council, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak. British Deputy Prime Minister Oliver Dowden will represent the UK at the conference, underscoring the importance of the event in fostering bilateral ties.
Dowden remarked on the significance of the conference in building partnerships between the business sectors of both countries, emphasizing its role in promoting future-oriented innovation and creativity. He highlighted the opportunity for British companies to familiarize themselves with relevant business regulations, incentives, and advantages for conducting business in Saudi Arabia.
With 800 participants from the public and private sectors of both kingdoms, the conference is poised to host 47 sessions and workshops featuring 127 speakers, covering a wide array of sectors including tourism, culture, education, health, sports, investment, trade, and financial services. The event aims to facilitate agreement signings in key sectors such as education and training, tourism, and real estate development.
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Co., emphasized the significance of hosting the conference in KAFD, highlighting its role in shaping the Kingdom’s future and fostering enduring collaboration between the two nations.
The conference comes on the heels of a significant increase in bilateral trade between Saudi Arabia and the UK, which surged by 68 percent in 2023, amounting to $17 billion. Jennie Gubbins, chairperson of the Saudi British Joint Business Council, attributed this growth not only to the oil sector but also to the Kingdom’s economic diversification efforts, particularly in the tech field.
The Saudi Ministry of Commerce’s participation in the conference underscores its commitment to facilitating meetings between leaders of the business sectors in both countries and informing the British business sector of the Kingdom’s economic reforms and improved business environment.
