RIYADH: Saudi Arabia and the United Kingdom have emphasized the importance of strengthening their economic partnership, and reaffirmed their commitment to increase bilateral trade to £30 billion ($37.5 billion) by 2030, the Saudi Press Agency reported on Friday.
A joint statement issued following UK Prime Minister Keir Starmer’s visit to the Kingdom on Dec. 9, when he was received by Crown Prince Mohammed bin Salman at Al-Yamamah Palace in Riyadh, also stressed the importance of the role played by the Saudi-UK Strategic Partnership Council in enhancing cooperation between the two countries and reported that the next session of the council will hopefully be held when the two men next meet in the UK.
In Riyadh, the two sides reviewed the extensive progress made in “diversifying their relationship and in launching an ambitious program of cooperation to enhance mutual prosperity, strengthen shared security and tackle global challenges,” according to the SPA.
With Saudi Arabia’s Vision 2030 and the UK’s Industrial Strategy, both countries are investing heavily in industries that will “drive future global competitiveness, deliver jobs and prosperity for citizens, and deliver sustainable growth,” according to the statement.
The two sides also welcomed the “significant progress” that has been made on the GCC-UK Free Trade Agreement. Officials will continue negotiations to finalize the agreement as soon as possible, the statement said.
Both sides commended the growth of their mutual investment relationship, noting significant Saudi investments in the UK in 2024, including the Public Investment Fund’s investments in Selfridges and Heathrow Airport, as well as its additional investment in Newcastle United Football Club, further building the growing ties between North East England and Saudi Arabia.
The UK remains one of the largest foreign investors in Saudi Arabia. Building on the success of its landmark $700 million Shariah-compliant financing facility in Qiddiya earlier this year, UK Export Finance has announced plans to increase its market exposure to $6bn.
The joint statement highlighted the existing cooperation between the two countries in the energy sector and the importance of enhancing cooperation in electricity and renewable energy, clean hydrogen and its applications. This will involve focusing on “the development of policies, regulations, and standards for clean hydrogen, clean-hydrogen business models, as well as capacity building as a key enabler for successful multilateral cooperation in the clean hydrogen sector.”
The two sides also stressed the importance of improving the reliability of global supply chains, particularly with the launch of Saudi Arabia’s Global Supply Chain Resilience Initiative securing supplies for various global supply chains in areas such as renewable energy, hydrogen production, green minerals, specialized petrochemicals, waste recycling, and electric vehicles.
They also welcomed the Kingdom’s launch of five special economic zones, targeting strategic industries and sectors, and offering British companies the opportunity to benefit from the incentives offered in those zones.
Both sides expressed their hopes of developing “long-term strategic partnerships that serve mutual interests,” the SPA stated. They agreed to work together to establish a consortium for clean hydrogen between Saudi and British universities, led by Newcastle University and King Fahd University of Petroleum and Minerals.
The two sides underscored the importance of strengthening cooperation in the financial services sector — including banking, fintech, asset management, green finance, and insurance — and agreed to continue strengthening cooperation on critical minerals and mining to support responsible, diversified and resilient supply chains, including a partnership between the University of Exeter’s Cambourne School of Mines and the Saudi Mineral Innovation Acceleration Park.
The UK reaffirmed its support for — and its planned high-level attendance at — the Saudi Future Minerals Forum, scheduled to take place in January.
The two sides “stressed the centrality of the UN Framework Convention on Climate Change and the Paris Agreement, acknowledging the outcomes of COP29 and the importance of working in a constructive spirit to achieve an ambitious and balanced result at COP30 next year,” the SPA reported.
The UK welcomed Saudi Arabia’s ambition and leadership through its Saudi Green Initiative and Middle East Green Initiative and its presidency of the UN Convention to Combat Desertification (COP16).
Both sides “agreed on the importance of enhancing cultural cooperation across various cultural sectors under the framework of the Memorandum of Understanding signed between the two Kingdoms” and agreed “to exchange expertise on heritage and museums infrastructure, including through the launch of a new executive program to strengthen the UK’s engagement in Saudi Arabia’s development of AlUla.”
The two countries also welcomed plans to increase the number of UK-branded schools in Saudi Arabia to 10 by 2030, and to open branches of UK universities in Saudi Arabia to support the Kingdom’s ambition of creating “a knowledge-based economy driven by excellence in education.”
In the health sector, the two sides committed to increasing collaboration to benefit patients in both countries, including through joint initiatives to support the training of nurses. There are ongoing discussions between UK universities and potential Saudi partners on the establishment of a nurse training college in the Kingdom.
The two sides agreed collaborate on the promotion of sports, with a particular focus on the participation of women.
Building on decades of bilateral defense and security cooperation, the two sides committed to “a more ambitious, future-facing strategic defense partnership.”
The joint statement also stressed the importance of strengthening cooperation in the field of humanitarian and relief work. Saudi Arabia and the UK reaffirmed their commitment to aligning efforts to achieve the 2030 Sustainable Development Goals and to holding an annual UK-Saudi Strategic Dialogue on Humanitarian Aid and International Development. They agreed to jointly fund projects worth $100 million, with a focus on urgent humanitarian assistance and development support.
The two sides highlighted the need for regional de-escalation and stressed the importance of adherence to international norms and the United Nations Charter, as well as reaffirming that the conflict in Gaza must come to an immediate end and hostages be released, in line with UN Security Council Resolutions 2720 (2023), 2728 (2024), and 2735 (2024). They also stressed the urgent need for Israel to protect civilians and civilian infrastructure to deliver aid to the Palestinian people, and to enable international and humanitarian organizations to do their work.
They also discussed how the UK and Saudi Arabia could work together to achieve a two-state solution that creates a lasting peace and allows Israelis and Palestinians to live side by side within secure and recognized borders.
The two sides welcomed any steps to ensure the safety of the Syrian people and preserve the institutions and capabilities of the Syrian state.
Both Saudi Arabia and the UK stressed the importance of the ceasefire agreement in Lebanon, and a political settlement consistent with the principles of UN Security Council Resolution 1701.
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