GREAT Futures Initiative Conference: Boosting Economic Ties between Saudi Arabia and the UK with £17bn Trade and Innovative Partnerships
The GREAT Futures Initiative Conference is starting in Riyadh, Saudi Arabia, on Tuesday with the goal of strengthening economic ties between Saudi Arabia and the UK.
Over 400 UK delegates, many of whom have not previously visited Saudi Arabia, are attending.
Over two days, leaders from both countries will form partnerships in various sectors, including cultural institutions and technologies.
These collaborations expand upon existing relationships in security and energy.
The UK government's GREAT Britain and Northern Ireland campaign and the Saudi government are co-organizing the conference.
The Saudi-British Strategic Partnership Council is hosting the GREAT Futures Initiative Conference, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.
British Deputy Prime Minister Oliver Dowden will attend on behalf of the UK.
The conference aims to foster business partnerships between the two countries and inform British companies about regulations, incentives, and advantages for conducting business in Saudi Arabia.
The event will welcome 800 participants from both kingdoms' public and private sectors.
UK Ambassador Neil Crompton promoted the conference on X social media platform, describing it as a significant event in the British calendar that takes place every two years in a different city.
The British embassy in Saudi Arabia is hosting a two-day conference in Riyadh, inviting a delegation of 400 companies under the patronage of the British deputy prime minister.
The event aims to boost cooperation and economic partnership between the two countries in sectors including tourism, culture, education, health, sports, investment, trade, and financial services.
The ambassador expressed excitement about meeting athletes, artists, celebrities, and entrepreneurs from both kingdoms and thanked the Saudi government for their cooperation.
The conference will feature 47 sessions and workshops with 127 speakers.
A two-day conference is expected to take place in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia.
The conference will cover agreements in education and training, tourism, and real estate development.
Gautam Sashittal, CEO of KAFD, emphasized that this event is not just a roadshow for British stakeholders but a kickstarter for a year-long campaign to create lasting collaborations between the two countries.
KAFD, known for its architectural marvel and central location, was chosen as the venue for this significant event.
In 2023, the trade relationship between Saudi Arabia and the UK experienced a significant 68% increase, reaching $17 billion.
This growth was not solely due to the oil sector, according to Jennie Gubbins, chairperson of the Saudi British Joint Business Council.
Instead, the expansion of other industries, particularly tech, contributed to the growth.
The Saudi Ministry of Commerce will attend a conference to promote business partnerships between the two countries, with events planned over the next year to strengthen collaborations in emerging fields.
The ministry aims to inform British businesses of Saudi Arabia's economic reforms, which have improved the business environment and facilitated economic activities.
The "GREAT Futures" initiative serves as a platform for sharing and learning about the most recent practices in various sectors.
It provides an opportunity for individuals to exchange qualitative experiences.