Saudi Arabia and the UK are developing diplomatic and economic ties as the two countries work towards $40bn trade relations by 2030.
The closing conference of the GREAT FUTURES initiative took place in London, coinciding with the fifth meeting of the economic and social pillar of the Saudi-UK Strategic Partnership Council, co-chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and UK Prime Minister Keir Starmer.
The event welcomed the largest Saudi trade delegation to date, including 195 business leaders and 33 government officials, alongside more than 320 representatives of British companies and around 30 UK government officials.
Saudi-UK trade
Majid Al Kassabi, Minister of Commerce and Chair of the council’s Economic and Social Committee, highlighted the profound changes underway in the Saudi economy.
Al Kassabi said: “The vision launched by HRH the Crown Prince has driven major transformations in the Saudi economy”.
During a ministerial session with UK Secretary of State for Business and Trade Jonathan Reynolds, Al Kassabi praised the committee’s work on 80 ongoing initiatives focused on innovation, business empowerment, and government coordination.
He also emphasised Saudi Arabia’s ambition to increase bilateral trade to £30bn ($40.3bn) by 2030, noting that the UK is already among the Kingdom’s top 10 trading partners, with trade exceeding £16bn ($21.5bn) in 2024. Currently, 1,689 British companies operate in Saudi Arabia, with 75 choosing Riyadh as their regional headquarters.
The two ministers announced a new Saudi-UK Strategic Partnership, aligning the UK’s modern industrial strategy with Saudi Vision 2030. The partnership will prioritise five areas:
- Financial connectivity
- Life sciences and health tech
- Industrial growth
- Creative industries
- Innovation in education
The GREAT FUTURES initiative, one of the council’s economic and social pillars, aims to accelerate shared economic priorities, strengthen cooperation, and highlight achievements across 13 promising sectors including education, health, tourism, culture, sports, trade and investment, and finance.
The conference included:
- A presentation on the UK’s industrial strategy
- Sessions on the role of technology in reshaping industries
- A visual showcase by Diriyah Company on heritage-led sustainable urban living
- Five workshops on enhancing bilateral cooperation in priority sectors
- Success stories from Saudi and British companies
- Folkloric performances reflecting the cultures of both nations
The 2025 London gathering followed the inaugural GREAT FUTURES conference held in Riyadh in May 2024, which drew 2,200 business representatives, featured more than 20 bilateral ministerial meetings, and delivered 13 agreements, 50 dialogue sessions, and 10 workshops.
Over the past year, both sides have organised numerous significant economic events to deepen cooperation and accelerate progress towards shared goals.
