- GREAT Futures Initiative Conference Begins in Riyadh, Saudi Arabia
- Over 400 business delegates from the UK attending GREAT FUTURES
- UK companies explore business opportunities created by the transformational Vision 2030.”
Riyadh: The GREAT Futures Initiative Conference began on Tuesday in Riyadh’s King Abdullah Financial District with the aim of enhancing economic cooperation and trade connectivity between Saudi Arabia and the UK.
The two-day conference, from May 14 to May 15, is featuring 47 sessions and workshops with 127 speakers from both public and private sectors and is being attended by some 800 participants from the two kingdoms’ public and private sectors.
Speaking during the opening remarks of the GREAT Futures Initiative Conference held in Riyadh, the Kingdom’s Minister of Commerce, Majid Al-Qasabi, noted that bilateral trade surged between 2018 and 2023, exceeding £79 billion ($99.12 billion).
“Over 400 business delegates from the UK have travelled to Saudi Arabia for GREAT FUTURES,” said Neil Crompton, British Ambassador to Saudi Arabia while speaking with Arab News.
The British envoy further added by saying “Over the next two days, senior leaders from both our kingdoms will forge partnerships that span our economies, from cultural institutions to cutting-edge technologies,” he said. “These partnerships build on existing bonds in the fields of security and energy. The UK is committed to playing its part in the transformational Vision 2030.”
The GREAT Futures Initiative Conference is a cooperation initiative organised by the UK government’s GREAT Britain and Northern Ireland campaign in partnership with the Saudi government.
Also, this collaborative Initiative is part of the Saudi-British Strategic Partnership Council, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.
British Deputy Prime Minister Oliver Dowden is expected to represent the UK at the GREAT Futures Initiative Conference in Riyadh. KSA.
Speaking on the win-win opportunities, Oliver Dowden said, “The GREAT Futures Initiative Conference is an important opportunity to build partnerships between the business sectors of both countries, keeping pace with the future, innovation and creativity,” Dowden said. “It also allows British companies to familiarize themselves with relevant business regulations, incentives, and advantages for conducting business in Saudi Arabia.”
The conference aims to enhance cooperation and economic partnership in 13 sectors such as tourism, culture, education, health, sports, investment, trade, and financial services.
Highlighting the significance of the conference Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Co. said “Holding a spectacle of this magnitude can never be classified as a roadshow held by British stakeholders for their Saudi counterparts to hop on and make millions if not billions,” Sashittal said. “On the contrary, this event is just a kickstarter for a year-long campaign aimed at creating an everlasting collaboration that reimagines key domains while unearthing hidden jewels rooted in both countries’ glorious pasts.
“As one of the few places where the Kingdom’s exciting next phase is getting written, it was quite natural for the choice to fall on KAFD and its architectural marvel, which is otherwise known as the conference center,” he said.
In 2023, bilateral trade between Saudi Arabia and the UK increased by 68 percent, amounting to $17 billion, according to the chairperson of the Saudi British Joint Business Council, Jennie Gubbins.
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