UK Chancellor of the Exchequer holds positive talks in Saudi Arabia

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The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Crown Prince Mohammed bin Salman Al Saud received in Saudi Arabia British Chancellor of the Exchequer Philip Hammond.

During the meeting in Jeddah, The Custodian of the Two Holy Mosques and Philip Hammond discussed bilateral relations and the historical ties between the two kingdoms. Following the meeting with King Salman, the British Chancellor was also received by Crown Prince Mohammed Bin Salman where they discussed the bilateral cooperation and opportunities for developing them, specifically in the economic fields, in line with the Kingdom’s vision 2030.

Following the meetings Mr Hammond said: “Vision 2030 is the roadmap for Saudi Arabia to pursue social and economic reforms. The UK is a key partner for this agenda.” He added, “The UK is working closely with Saudi Arabia as it takes positive steps forward through its’ ambitious Vision 2030 plan. We are uniquely positioned to offer the country our continued support with their economic diversification and social reforms. Increased trade and investment opportunities will benefit both of our Kingdoms.”

The visit follows HRH Crown Prince Mohammed bin Salman’s visit to the United Kingdom earlier this year. While the Crown Prince was in the UK a commitment was made between the two governments to establish Private Sector Groups to assist in achieving the goal of $100 billion ofadditional trade and investment over the next ten years.

HRH Prince Mohammed bin Nawaf, Saudi Ambassador to the United Kingdom, said: “Philip Hammond’s visit is one of a series of positive visits between the Kingdoms.  Saudi Arabia is Britain’s largest trading partner in the Middle East. ”

“Over 200 joint ventures worth £11.5 billionalready fly the flag for the UK in the kingdom and we want to see these joint ventures expand to cover every industry and sector of the economy.”

“Over the past five years, I have witnessed an increase in UK–Saudi bilateral trade relationship of over £2.3 billion. The UK has become a Saudi hub for investment, education and tourism. Saudi Arabia has an estimated £90 billion in private business investments in the United Kingdom and more than 14,000 Saudis are currently studying here. ”

“Building new business relationships will set the foundations for a stronger relationship in other areas, such as education, health, training, cultural and artistic enterprises, as Saudi Arabia looks to expand into new sectors.”