With a solid trading foundation in place, this new cooperative partnership between the UK and Saudia Arabia offers opportunities across a range of sectors.
The launch of GREAT FUTURES signifies a new era of collaboration between the UK and Saudi Arabia. The partnership between the countries will see Saudia Arabian investment flow into the UK, allowing the nation to leverage the UK’s established expertise and know-how across various sectors.
Saudi Arabia has channelled £56.1 billion into London’s capital markets since 2022, with £10.3 billion earmarked for green and sustainable finance, which contributed to the UK’s ongoing Net Zero initiative project. Following the Deputy Prime Minister’s announcement this month, the government secured further investment of £3 billion as part of the GREAT FUTURES scheme.
By utilising the UK’s expertise in various sectors, the GREAT FUTURES scheme will also help Saudia Arabia achieve its own ‘Vision 2030’ goals to increase diversification within the country economically, socially and culturally.
The GREAT FUTURES scheme will make it easier for UK businesses to trade with Saudi Arabia, plus five other countries of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar and the UAE. The UK’s expertise in financial services and higher education sectors is highly regarded in the region, and its increased collaborations will foster a fertile environment for UK businesses to expand their presence there.
As part of the scheme, the UK will be opening its first ever overseas expansion of the Office for Investment (OFI) in the Gulf to facilitate efficient trade for UK businesses, while Saudi Arabia will establish an Education Task Force to streamline cooperation in the field of higher education.
The UK tourism industry stands to gain significantly from the trade deal. Saudi Arabia’s young population, with a strong appetite for travel and new experiences, presents a promising market for both tourism and potential employment opportunities in the UK.
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