انعقاد الاجتماع الخامس لأعمال الجانب الاقتصادي والاجتماعي في مجلس الشراكة الإستراتيجي السعودي البريطاني

The British capital, London, witnessed today the fifth meeting of the economic and social side of the Saudi-British Strategic Partnership Council, chaired by Crown Prince and Prime Minister Mohammed bin Salman and UK Prime Minister Keir Starmer.

The meeting was chaired by Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi and his British counterpart Jonathan Reynolds, who praised the efforts that have transformed plans into tangible achievements, focusing on innovation, empowering the private sector, and integrating government efforts, in line with Saudi Vision 2030 and the UK’s industrial strategy.

The two ministers discussed the (GREAT FUTURES) initiative launched in Riyadh last year, which crowns joint efforts aimed at enhancing bilateral cooperation in 13 promising economic sectors, in a step that reaffirms both countries' commitment to achieving common interests and sustainable growth, highlighting the tangible progress made by the initiative.

A statement was issued from the fifth meeting of the economic and social side of the Saudi-British Strategic Partnership Council, the text of which is as follows:

The Saudi-British Strategic Partnership Council was established in March 2018, chaired on the Saudi side by Crown Prince and Prime Minister Mohammed bin Salman, and on the British side by UK Prime Minister Keir Starmer. The council aims to develop and enhance bilateral relations between the two countries and commit to a deeper strategic partnership to promote common interests. The governance arrangements of the partnership council are divided into two main sides: the defense, security, and political side, and the economic and social side, chaired on the Saudi side by Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi and on the British side by Minister of Business and Trade Jonathan Reynolds.

The (GREAT FUTURES) initiative is a year-long campaign and is one of the economic and social initiatives launched by the council as a key driver to enhance common economic priorities, push strategic initiatives, and highlight achieved successes while accelerating economic growth. Today, the final conference of the initiative was held in London, which has seen several events related to the 13 promising sectors since its launch last year in Riyadh in May 2024.

The chairs of the economic and social side of the council held their fifth meeting as part of the final conference of the (GREAT FUTURES) initiative, expressing their pride in the tangible progress in cooperation pathways since the initiative's launch. The two sides announced a new Saudi-British strategic partnership, based on aligning the UK’s modern industrial strategy with Saudi Vision 2030, aimed at enhancing cooperation in trade and investment among priority sectors in the economic and social side. This partnership was launched during the conference to ensure the transformation of plans into tangible real achievements, focusing on five strategic priority areas:

1. Financial Connectivity: A roadmap to enhance connectivity between the financial centers of both countries, aiming to provide growth capital for investment in priority sectors, align policies in capital markets, fintech, insurance, pensions, sustainable finance, and carbon trading. Both sides affirmed their commitment to cooperate to enhance the attractiveness of investment markets in both countries.

2. Life Sciences and Health Technology: Enhancing cooperation between Saudi Arabia and the UK in the field of life sciences and biotechnology, unifying shared ambitions for innovation, economic growth, and global health leadership.

3. Industrial Growth: A joint framework to drive industrial progress, fourth industrial revolution technologies, advanced composite materials, sustainable materials, and critical mineral supply chains.

4. Creative Sectors: Strategic cooperation to enhance cultural and creative exchange, promote innovation, and develop talents, amidst Saudi Arabia's determination to host several major events, such as Expo 2030 and the 2034 World Cup.

5. Innovation in Education: Cooperation to keep pace with technological changes in the education sector, focusing on digital skills and artificial intelligence technologies in the innovation curriculum, digital learning, and future skills development.

The efforts made within the economic and social side have resulted in transforming plans into tangible real achievements with significant impact. Achievements included trade, investment, and financial services, with both sides praising the trade volume between the two countries, which reached £16.1 billion, and affirming the common goal of reaching £30 billion by 2030. Notably, negotiations on the free trade agreement between the UK and the Gulf Cooperation Council have made significant progress, with eight rounds of negotiations completed.

Both sides welcomed major Saudi investments in the UK and the establishment of regional headquarters for British companies in Saudi Arabia, affirming their commitment to continue cooperation to attract more investments in priority sectors.

In the field of education, innovation, and healthcare, both sides praised the licensing of nine British schools in Saudi Arabia, aiming to achieve the target of licensing ten schools by 2025. They also commended ongoing efforts to license two British universities to open branches in Saudi Arabia, and the outcomes of the Saudi-British Future Skills event, which is part of the (GREAT FUTURES) initiative that resulted in the signing of seven agreements and memoranda of understanding in the fields of education, technical and vocational training, skills development, and launching joint executive programs that contribute to bridging future skills gaps.

As part of the commitment of both sides to drive transformation in the healthcare sector, both sides celebrated the establishment of the first international British nursing college in Saudi Arabia, and confirmed their work to activate the memorandum of understanding between the Saudi Authority for Research and Development and Innovation and the UK’s Department for Science, Innovation and Technology to support joint innovation and research projects.

Regarding energy, mining, transport, and the environment, the economic and social side witnessed the launch of pioneering projects in clean energy and hydrogen. In the mining sector, an agreement was signed to cooperate in securing critical mineral supplies and exchanging expertise in modern mining operations and technologies. Both sides agreed to encourage British investments in the Kingdom in the sectors of mining, chemicals, and biotechnology.

In the context of enhancing efforts in the transport sector, both sides agreed to activate memoranda of understanding in the fields of air transport, railways, and future mobility. Environmental cooperation was strengthened through the signing of memoranda of understanding to implement joint projects in the fields of environmental protection, meteorology, and climate change.

In the fields of culture, sports, and tourism, both sides agreed on the importance of enhancing cultural cooperation across various cultural sectors covered by the memorandum of understanding signed between the Ministry of Culture in Saudi Arabia and the UK’s Department for Culture, Media and Sport, alongside developing joint work between cultural institutions and entities, and supporting participation in international cultural and artistic events held in both friendly countries.

In the framework of joint efforts to develop the tourism sector, both sides succeeded in promoting tourism between the two countries since the launch of electronic visit visas, as the number of tourists between the UK and Saudi Arabia grew significantly. In 2024, the number of tourist visits between the two countries exceeded 750,000 visitors, reflecting the strong ties between the two peoples.

The existing partnership between the Ministry of Sports, represented by the Leadership Institute, and British universities and academic institutions was praised, aiming to enhance academic development through research and joint sports training and development programs, such as empowering women in the sports sector. Both sides also worked on several strategic partnerships aimed at developing infrastructure and sports programs, enhancing the Kingdom's readiness to host major sporting events, and transferring leading British expertise in this field. Areas of cooperation included signing a memorandum of understanding to develop the esports sector between the esports federations of both countries.

In this context, both sides appreciated the role of the (GREAT FUTURES) initiative as an outstanding platform for aligning trends, stimulating partnerships, and enhancing communication between the public and private sectors in both countries.

The final event of the initiative represents an opportunity to highlight successful projects and explore new horizons for future cooperation.