The British Prime Minister, Keir Starmer, visited Riyadh on Monday, December 9, 2024, as part of a Gulf tour that included the UAE.
During his visit to Saudi Arabia, Starmer explored opportunities to bolster economic and trade ties, as well as boosting defense partnerships between the UK and the Kingdom.
Warm Reception
Starmer arrived in Riyadh on Monday, where he was received by the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, reported the Saudi Press Agency (SPA).
At the Royal Court in Al-Yamamah Palace in Riyadh, an official reception ceremony was held in honor of the British Prime Minister. After that, both leaders engaged in extensive talks.
At the onset of the meeting, Crown Prince Mohammed bin Salman welcomed Starmer to Saudi Arabia, wishing him and his accompanying delegation a pleasant stay in the Kingdom. In return, the British Prime Minister expressed his gratitude and appreciation for the warm reception and hospitality.
Extensive Talks
During their meeting, the Saudi Crown Prince and the British Prime Minister reviewed relations between Saudi Arabia and the UK.
They also explored joint efforts to boost cooperation across various areas. Moreover, both leaders explored opportunities to capitalize on the two countries’ resources to achieve mutual interests.
Furthermore, they discussed the latest regional and international developments, issues of common concern, and efforts made towards addressing them.
Supporting Growth
The meeting involved discussing the shared challenges and opportunities between Saudi Arabia and the UK, including on defense and security, growth, and research and development, according to a press release issued by the UK Prime Minister’s Office.
Moreover, Starmer updated the Saudi Crown Prince on “his Plan for Change, announced last week, including his ambition to drive growth” across the UK.
The British Prime Minister said that Saudi Arabia is playing a central role in driving growth and job creation in the UK, particularly in the green energy sector.
Shared Vision
During the meeting, both leaders agreed that the relations between Saudi Arabia and the UK play a key role to regional stability. Talks between the two leaders also touched upon the situation in the Middle East.
They discussed the situation in Gaza and Israel, where Starmer updated on his view on the situation. He also welcomed Crown Prince Mohammed bin Salman’s view on how the suffering on all sides could come to an end. The British Prime Minister stressed the urgency of accelerating aid into Gaza.
At the end of the meeting, Starmer invited the Saudi Crown Prince to the UK, expressing his hope that they could watch a football match together.
Enhancing Defense Cooperation
The British Prime Minister’s visit to Saudi Arabia and Gulf region aimed at increasing the UK’s engagement in the Middle East, as the region plays a pivotal role in maintaining the security of the UK, according to Starmer’s Office.
In the light of this, the British Prime Minister agreed to “a step change in defense partnership with Saudi Arabia, to enhance the strategic partnership between both countries and pave the way for greater defense industrial cooperation.”
Bolstering Economic Ties
During his visit to Riyadh, Starmer sought to boost economic and investment ties with Saudi Arabia. To this end, a Saudi-UK Business Roundtable was held, bringing together an array of high-ranking officials and executives from the private sector from both countries.
In addition to the British Prime Minister, the Roundtable meeting was attended by the Saudi Investment Minister, Khalid Al-Falih; the Saudi Ambassador to the UK, Prince Khalid bin Bandar; and the Saudi Minister of Commerce, Majid Al-Qasabi, according to SPA.
The meeting explored bilateral opportunities across many fields, such as financial services, clean energy, healthcare, innovation, education, and mega projects, which align with the objectives of Saudi Vision 2030 to diversify the economy and empower the promising investment sectors.
Sustainable Financing and Energy
The Saudi-UK Business Roundtable focused on the targeted sectors for investment growth, including sustainable financing, to enhance access to capital markets.
According to SPA, Saudi bond issuers have raised more than SAR 268.7bn in London since 2022, half of which allocated to green, social and sustainable financing.
Furthermore, both sides explored opportunities in the energy sector to boost efforts towards achieving carbon neutrality. This includes Alfanar Green Fuels project in the UK, the first sustainable aviation fuel project in Europe.
Healthcare and Education
With regards to healthcare, both sides discussed conducting more joint studies and investments. They also explored the potential role of the British companies in Saudi Arabia’s drive to establish 4,000 new primary healthcare clinics.
Moreover, the academic exchange provides a major ready-to-invest sector with 7 British schools in Saudi Arabia, set to increase to 10, and 14,000 Saudi students in the UK.
Technology and Innovation
Saudi Arabia and the UK are strengthening collaboration in the fields of technology and innovation. This includes several initiatives, such as the Saudi-UK Tech Hub, established in 2022.
In addition, Saudi Arabia’s mega projects provide promising opportunities for international investors to engage in advanced innovations. This includes the NEOM project, which opened its first international office in London in 2023.
Trade Exchange
The trade exchange between Saudi Arabia and the UK reached a record number in 2023, with SAR 78.9bn. Furthermore, the planned comprehensive free trade agreement between the UK and the GCC countries is expected to further boost Saudi-British trade ties.
As of 2022, Saudi Arabia’s total investment in the UK reached SAR 40bn. Meanwhile, the British foreign direct investment (FDI) in Saudi Arabia reached SAR 18bn as of 2023.
Moreover, more than 60 British companies inaugurated regional HQ in Saudi Arabia, and over 30,000 British employees are among the Saudi labor force.
