UK Launches #Saudi Investment Drive as Sunak Eyes MBS’s Vision 2030 - Bloomberg

UK Launches Saudi Investment Drive as Sunak Eyes MBS’s Vision 2030 - Bloomberg

The UK and Saudi Arabia will hold a trade expo in Riyadh next month as Rishi Sunak launches an investment drive aimed at taking advantage of Crown Prince Mohammed bin Salman’s Vision 2030 project.

A delegation of more than 300 British business executives will join Deputy Prime Minister Oliver Dowden at the Saudi Great Futures event on May 14-15, according to a statement from Dowden’s office.

The event will mark the start of a year-long campaign to showcase UK firms to Saudi investors with a focus on sectors that support the country’s Vision 2030, which was established by bin Salman eight years ago to diversify the economy away from oil.

British officials have sought to bolster the UK-Saudi relationship with a particular focus on artificial intelligence in recent months, inviting officials from Riyadh to take part in a global AI summit hosted by Sunak in November last year.

May’s trade expo will focus on research collaboration and emerging technologies, as well as finance, green tech, sustainable construction and cultural projects, according to the statement.

Trade between the UK and Saudi Arabia has increased to £16.5 billion ($20.4 billion) in 2022 from £12.1 billion in 2018, according to the statement. That’s the year that Washington Post journalist Jamal Khashoggi was killed at the Saudi consulate in Turkey, sparking condemnation from countries including the UK.

Sunak invited bin Salman, widely known as MBS, to visit the UK last year, though a trip has yet to be agreed. The UK premier met the crown prince in Riyadh in October.

“Our two nations work closely on security and energy. We look forward to strengthening those connections in new areas that feed the Vision 2030 agenda,” Dowden said in remarks sent by his office.