The closing conference of the (GREAT FUTURES) initiative was held today in the British capital, London, in conjunction with the fifth meeting of the Economic and Social Pillar of the Saudi–British Strategic Partnership Council, co-chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister — may God protect him — and the Prime Minister of the United Kingdom, Mr. Keir Starmer.
His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chair of the Economic and Social Pillar from the Saudi side, affirmed during the opening of the conference, which witnessed the participation of the largest Saudi trade delegation comprising (195) business leaders, (33) government officials, more than (320) representatives of major British companies, and around (30) British government officials that the vision launched by His Royal Highness the Crown Prince has brought about transformations in the Saudi economy.
During a ministerial session with his counterpart, the Right Honourable Jonathan Reynolds, UK Secretary of State for Business and Trade and Chair of the Economic and Social Pillar from the British side, Al-Qasabi praised the committee’s efforts, noting that it is currently working on (80) initiatives to translate plans into tangible achievements, built on innovation, enabling the business sector, and integrating government efforts.
Al-Qasabi pointed out that the two countries are working to increase trade exchange to (£30) billion by (2030), especially as the UK is one of the Kingdom’s top (10) trading partners, with bilateral trade exceeding (£16) billion last year. He highlighted the presence of (1,689) British companies in the Kingdom, including (75) companies that have chosen Riyadh as their regional headquarters.
At the conference, the co-chairs of the Economic and Social Pillar of the Saudi–British Strategic Partnership Council announced a new Saudi–British strategic partnership, aligned with the UK’s modern industrial strategy and Saudi Vision (2030). The partnership will focus on five priority strategic areas: financial connectivity, life sciences and health technologies, industrial growth, creative industries, and innovation in education.
The conference comes as part of the continuation of the initiative’s work, being one of the Economic and Social Pillar’s initiatives launched by the Council as a key driver to advance shared economic priorities, propel strategic initiatives, highlight achieved successes, and accelerate economic growth and cooperation across (13) promising sectors, most notably education, health, tourism, culture, sports, trade and investment, and finance.
The conference also featured a presentation of the UK’s industrial strategy, in addition to a session on the impact of technology in reshaping industries and how governments can empower the private sector to leverage advanced technologies to enhance competitiveness and sustainability. It further included a visual presentation by Diriyah Company showcasing the transformation of the Kingdom’s heritage into a global model for sustainable urban living.
The event witnessed the signing of (38) agreements and announcements worth more than (20) billion Saudi riyals, along with (5) workshops addressing Saudi–British cooperation in priority fields, success stories from companies in both countries, an accompanying exhibition, and musical and folkloric performances reflecting the cultures of both nations.
Riyadh had previously hosted the (GREAT FUTURES) initiative conference in May (2024), with the participation of (2,200) representatives from the business sectors of both countries. That event also included more than (20) bilateral ministerial meetings, the signing of (13) agreements, (50) panel discussions, (10) workshops, and numerous diverse economic events organized by both sides over the past year to strengthen the partnership between the two countries.