Saudi Arabia and UK Strengthen Economic Ties, Target $37.5B Trade by 2030

KSA, 13 December, 2024 : Saudi Arabia and the United Kingdom have committed to strengthening their economic partnership, setting a goal to increase bilateral trade to USD 37.5 billion by 2030. This was announced following the visit of UK Prime Minister Keir Starmer to Saudi Arabia, where both sides emphasized the importance of the Saudi-UK Strategic Partnership Council in enhancing cooperation.

The two nations discussed ongoing progress in diversifying their relationship, with a focus on mutual prosperity, shared security, and addressing global challenges. Both countries are aligning their efforts through Saudi Arabia’s Vision 2030 and the UK’s Industrial Strategy, targeting industries of the future such as clean technology, energy innovation, and sustainability.

The governments also highlighted significant progress in the GCC-UK Free Trade Agreement and committed to finalizing the deal. They discussed cooperation in financial services, including banking, fintech, and green finance, as well as the establishment of a Clean Hydrogen consortium led by UK and Saudi universities.

On climate change, the UK expressed support for Saudi Arabia’s Green Initiative and Circular Carbon Economy approach. Both nations reiterated their commitment to environmental sustainability, including cooperation for COP30.