Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK Businesses Eye Billions in Saudi Deals at Great Futures Event

by May 20, 2024
May 20, 2024
UK Businesses Eye Billions in Saudi Deals at Great Futures Event

In the largest trade delegation from the UK in a decade, Oliver Dowden, the Deputy Prime Minister, led a significant British presence at the Great Futures event in Riyadh, Saudi Arabia.

This high-profile event kicked off with a unique performance of “Scotland the Brave” by the Royal Regiment of Scotland, combined with a local flute and drum group, setting a distinctive tone for the conference.

Dowden opened his address with a light-hearted reference to the excitement surrounding Tyson Fury’s boxing match in Riyadh, drawing a parallel to the high stakes of the business deals on the table. “Well I know that there is huge excitement about a British big hitter coming to Riyadh this week with people flying in from around the world to see him and billions of pounds on the line,” he quipped. “But that’s enough about me.”

Beyond the jokes, Dowden’s presence underscored the serious economic opportunities available for UK businesses in Saudi Arabia. The kingdom is investing trillions in projects to diversify its economy away from oil, including the ambitious Red Sea tourist resorts and the futuristic city of Neom, part of its Vision 2030 programme which aims to introduce extensive social and economic reforms.

The UK’s services sector, a major component of British exports to Saudi Arabia, is poised for expansion as the kingdom seeks to attract company headquarters, law firms, schools, and universities. Ten British schools are set to open in Saudi Arabia by 2030, and the University of Strathclyde in Glasgow is establishing a presence in Riyadh.

Lord Johnson of Lainston, Minister of State for Trade, expressed enthusiasm about the Saudi market’s openness, highlighting opportunities across various sectors. He noted that the UK is training 5,000 Saudi hospitality staff annually and discussed potential clusters for hospitality training in the northeast of England. Johnson also emphasized the growing educational exchange, with Saudi students doubling their numbers in the UK, enhancing cultural and economic ties.

Johnson, reflecting on his own career, suggested that Saudi Arabia now presents greater opportunities than traditional hubs like Hong Kong, particularly in sectors such as insurance and financial services, where the City of London can play a pivotal role.

However, the optimistic outlook comes with caution. Doing business in Saudi Arabia involves navigating bureaucratic challenges and conflicting goals among ministries. Moreover, the kingdom’s human rights record, including crackdowns on dissidents, continues to draw criticism. Despite these issues, Johnson believes in engaging with Saudi Arabia to capitalize on its rapid changes and vast economic potential.

The Saudi Crown Prince Mohammed bin Salman, popular among the kingdom’s youth for his social and economic reforms, remains a controversial figure due to human rights concerns. Nevertheless, Johnson asserts that engaging with the evolving kingdom represents a pragmatic and economically beneficial approach for the UK.

As UK businesses look to forge new partnerships and secure significant deals, the Great Futures event in Riyadh highlights both the opportunities and challenges of expanding into the rapidly transforming Saudi market.

Read more:
UK Businesses Eye Billions in Saudi Deals at Great Futures Event

0
FacebookTwitterGoogle +Pinterest
previous post
Uber Drivers Offered Significant Discounts on Kia Electric Cars
next post
UK Businesses Eye Billions in Saudi Deals at Great Futures Event

You may also like

Rishi Sunak set to make history as Boris...

October 24, 2022

Hollywood director accuses Elon Musk of copying designs...

October 16, 2024

Reform UK becomes first British political party to...

May 30, 2025

Wilko suspends home deliveries as rescue deal continue

August 10, 2023

TPP is stet to revolutionise investment landscape

November 22, 2023

UK Statistics Watchdog Rebukes Treasury Ministers Over Tax...

February 19, 2024

Workers at UK’s biggest container port in Felixstowe...

August 5, 2022

Brussels urged to delay Brexit deadline amid fears...

September 25, 2023

Moonpig bounces back from Royal Mail strikes to...

March 31, 2023

London Tech Week makes history as 11 year...

June 15, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bush’s War on Terror vs Trump’s Iran approach: How US Middle East strategy evolved

      June 23, 2025
    • Iran retaliates with missile attack on US base in Qatar, Pentagon reports no casualties

      June 23, 2025
    • Top Trump health official slams Democrats for ‘misleading’ claims about Medicaid reform

      June 23, 2025
    • Exiled prince looks to lead Iranian people in ending Islamic Republic: ‘Our Berlin Wall moment’

      June 23, 2025
    • Trump slams Russia’s casual threat to arm Iran with nuclear weapons: ‘That’s why Putin’s the boss’

      June 23, 2025
    • AI Stocks Ignite Again—Where Smart Money is Heading Next

      June 23, 2025

    Categories

    • Business (8,287)
    • Investing (2,062)
    • Politics (15,761)
    • Stocks (3,164)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved