Saudi Arabia and the United Kingdom are strengthening their partnership in various sectors, including finance, trade, tourism, and innovation. Both countries aim to achieve economic growth and diversification, with Saudi Arabia's Vision 2030 initiative and the UK's interest in stronger ties in the Gulf region. Recent discussions have focused on increasing bilateral trade and fostering cross-industry synergies, supported by cultural exchanges and initiatives in emerging sectors. The UK government reports that total trade in goods and services with Saudi Arabia reached £17.6 billion ($22.4 billion) in the year ending March 2024. The goal is to increase bilateral trade to £30 billion ($39.6 billion) by 2030. The partnership has expanded beyond defense to include tourism, people-to-people relations, and sports.
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Original article source: https://www.arabnews.com/node/2582293/saudi-arabia
Source Id: 2024-12-569863261