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11-06-23

Saudi Arabia-UK Business Forum Strengthens Economic Ties, Explores Collaborative Opportunities

(MENAFN) The economic and trade relations between the United Kingdom and Saudi Arabia received a significant boost as delegates from both nations gathered in London for the UK Saudi Business, Trade and Partnership Forum. The event, held at Mansion House in the City of London, was organized by the Saudi British Joint Business Council and the Saudi National Competitiveness Center, attracting government officials, business leaders, and experts from various sectors. The forum aimed to celebrate the progress of Saudi Arabia's Vision 2030 initiative and foster new avenues of collaboration between the two countries.

Emad Al-Thukair, the co-chairman of the Saudi British Joint Business Council, highlighted the achievements made thus far while emphasizing that the partnership between the UK and Saudi Arabia has only scratched the surface of its potential. He expressed enthusiasm about the vast opportunities for collaboration that lie ahead, noting that the UK is seeking new markets while Saudi Arabia is eager to embrace technology and explore investment opportunities, facilitating a valuable transfer of knowledge and expertise.

Al-Thukair further pointed out that the current economic landscape in the UK presents abundant opportunities for Saudi funds, making it an attractive market for investment. He expressed optimism that the bilateral trade volume, which currently stands at $21.4 billion, will witness significant growth in the next two to three years. Both Saudi Arabia and the UK are poised to flourish economically, creating a favorable environment for increased collaboration and business ventures.

The forum provided a platform for government officials and business leaders to exchange ideas, discuss potential partnerships, and explore avenues for mutual growth. It showcased the ongoing commitment of both countries to strengthen their economic ties and leverage each other's strengths. The event underscored the importance of continued collaboration and knowledge-sharing to unlock the full potential of the UK-Saudi Arabia partnership, enabling long-term economic prosperity for both nations.
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