Great Opportunities For The UK
HRH Prince Mohammed bin Nawaf Al-Saud
Ambassador of the Kingdom of Saudi Arabia
The Kingdom of Saudi Arabia is an oasis of positive stability amidst current global economic and financial gloom. Whilst many countries face huge economic challenges, the Kingdom is transforming itself into one of the world’s Top 10 most competitive world economies and one of the most lucrative markets for strategic investment.We are not alone in saying this. The international Monetary Fund’s 2008 World Economic Outlook noted that international turmoil had little effect on the region and pointed out that “while much of the world economy has recently been affected by a global liquidity squeeze, Saudi Arabia’s twin surpluses in the government budget and current account have made the Kingdom an attractive, high liquidity environment for local and foreign investors.”This is good news for us, and good news for our UK friends and longstanding investors.
The Kingdom continues to be the UK’s leading trade partner in the Middle East and we are listed as one of the largest importers of UK goods.As longstanding friends we want British business to take advantage of these new opportunities, which are not limited to investment in the oil and petrochemical industries. Our stable economy has enabled us to plan and to continue an extensive development programme, building and developing our human resources as well as the physical infrastructure of our country. This includes projects in all sectors including water desalination, primary health care, roads, schools, universities and investment in technical and vocational training. Major projects include the four new economic cities being built across the Kingdom, due for completion by 2020. These are already creating opportunities for young Saudis and are a hub of investment, global trade, commerce and industry. They are being hailed as one of the most important developments in Saudi Arabia’s recent history. New opportunities are also emerging in the oil, gas, petrochemical and water sectors as well as in service industries like finance, education, health and information and communications technology. Our aim is to create a world-class business environment that combines an ease of conducting business with low costs.
We believe that Saudi Arabia’s membership of WTO has made the Kingdom attractive to investors. It is a seal of approval, carrying the confident message of the Kingdom’s commitment to a strong multilateral trading system. International confidence in doing business with the Kingdom should be further encouraged by the EU/Saudi Trade Agreement.The United Kingdom is one of Saudi Arabia’s top ten trading partners and we welcome this initiative by the British Chambers of Commerce to highlight the good trading relationship between us.
Imports from the United Kingdom to Saudi Arabia currently amount to nearly £2 billion per annum. Our relationship with the UK is founded on trade and common strategic interests, and has developed into a friendship with an evergrowing number of cultural, educational and economic as well as security links. We want to see that relationship continue to flourish and prosper. We believe that better international understanding is built through ordinary working relationships – through trade just as much as through meetings of politicians and opinion formers. Working together you come to understand one another and the best working relationships develop into We invite you to share in the economic evolution of Saudi Arabia where you will be received as friends and welcomed as business partners.
