Saudi Arabia seeks to broaden financial ties with the UK
Saudi Arabia, the Arab world’s biggest economy, is planning to expand financial ties with the UK as part of a bilateral push to deepen trade and economic relations.
The kingdom has authorised Finance Minister Mohammed Al Jadaan to discuss the draft of a preliminary agreement with the UK Treasury to “enhance co-operation in the areas of developing financial and public financial services”, the state-run Saudi Press Agency said in a Cabinet statement on Tuesday.
The Ministry of Finance was directed to get the approved pact signed and “complete the legal procedures” thereafter, according to SPA.
Since its exit from the EU at the end of 2020, Britain has sought to forge deeper economic ties with the six-member GCC economic bloc. Britain already has close strategic and defence ties with the Gulf states and wants to boost its trade with the GCC, which reached £30 billion ($40.54bn) in 2020.
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