Saudi Arabia’s Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, Dr. Majid Al-Kassabi, met with British Secretary of State for Business and Trade, Jonathan Reynolds, and his delegation in Riyadh.
The discussions centered on Saudi Arabia’s Vision 2030 and ongoing economic and development reforms. Key topics included enhancing economic partnerships in priority sectors, encouraging British firms to expand their presence in Saudi Arabia, and fostering growth in startups focused on research and innovation.
Strengthening economic ties
This visit marks Reynolds’ first official foreign engagement since taking office in July, underscoring the commitment to strengthening economic relations between the two countries. Additionally, the aim is to increase mutual trade and investment in several promising sectors, in line with the objectives of the Saudi-British Strategic Partnership Council, co-chaired by HRH Prince Mohammed bin Salman and UK Prime Minister Keir Starmer.
Dr. Al-Kassabi emphasized the advancement of 79 initiatives across 13 economic sectors to bolster the Saudi-British partnership. He further highlighted that bilateral trade surged by over 30 percent from 2018 to 2023, reaching $103 billion, with 1,139 British investors currently operating in Saudi Arabia, benefiting from recent economic reforms.
Recent initiatives and agreements
Earlier this year, Riyadh hosted the GREAT Futures Initiative Conference, a pivotal event under the Saudi-British Strategic Partnership Council, which attracted around 450 British business leaders and facilitated more than 20 bilateral ministerial meetings, leading to 13 signed agreements.
After their meeting, Reynolds was introduced to the Saudi Center for Economic Business, where he learned about services designed to support business operations in the Kingdom.
For more economy news, click here.
