The closing conference of the GREAT FUTURES initiative was held today in London, coinciding with the fifth meeting of the economic and social side of the Saudi-British Strategic Partnership Council, chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and the United Kingdom Prime Minister Mr. Keir Starmer.

His Excellency Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the Economic and Social Committee from the Saudi side, confirmed during the conference opening, which included the largest Saudi business delegation of 195 business leaders, 33 government officials, over 320 representatives of major British companies, and about 30 British government officials, that the vision launched by His Royal Highness Prince Mohammed bin Salman has brought transformations to the Saudi economy.

During a ministerial session with his British counterpart, His Excellency Mr. Jonathan Reynolds, Minister of Trade and Business and Chairman of the Economic and Social Committee from the British side, Al-Qasabi praised the committee’s efforts currently working on 80 initiatives to turn plans into tangible achievements, focusing on innovation, empowering the business sector, and integrating government efforts.

Al-Qasabi pointed out that both countries are working to increase trade exchange to £30 billion by 2030, especially since the UK is one of the top 10 trading partners of the Kingdom with trade exceeding £16 billion last year, with 1,689 British companies operating in the Kingdom, including 75 companies that chose Riyadh as their regional hub.

During the conference, the chairmen of the Economic and Social Committee of the Saudi-British Strategic Partnership Council announced a new Saudi-British strategic partnership based on aligning the UK’s modern industrial strategy with Saudi Vision 2030, focusing on five strategic priority areas: financial connectivity, life sciences and health technologies, industrial growth, creative sectors, and innovation in education.

The conference is part of completing the initiative’s work, which is one of the economic and social initiatives launched by the council as a key driver to enhance shared economic priorities, advance strategic initiatives, highlight achievements, accelerate economic growth, and cooperation across 13 promising sectors, including education, health, tourism, culture, sports, trade and investment, and finance.

The conference included a review of the UK’s industrial strategy, a session on the impact of technology on reshaping industries, and how governments can empower the private sector to benefit from advanced technologies to enhance competitiveness and sustainability, alongside a visual presentation by Diriyah Company on transforming the Kingdom’s heritage into a globally sustainable urban living model.

The conference’s work included 38 agreements and declarations valued at over 20 billion Saudi Riyals, along with five workshops focused on enhancing Saudi-British cooperation in priority areas, showcasing success stories of companies from both countries, organizing an accompanying exhibition, and holding folkloric musical performances reflecting the cultures of both countries.

Riyadh hosted the GREAT FUTURES initiative conference in May 2024, with the participation of 2,200 business sector representatives from both countries, more than 20 bilateral ministerial meetings, signing 13 agreements, holding 50 dialogue sessions, organizing 10 workshops, and numerous diverse economic events over more than a year to strengthen the partnership between the two sides.