Saudi and British Business Groups Forge New Ties

A number of initiatives to develop a two way trade with the United Kingdom was recently unveiled by the Saudi British Joint Business Council (SBJBC).

The revelations, following a special meeting in the English capital London, were planned to coincide with the Crown Prince of Saudi Arabia, Mohammed bin Salman’s visit to Britain.

A memorandum of understanding between the Saudi Council of Chambers (CSC), the British Chambers of Commerce and the Saudi Arabian General Investment Authority (SAGIA), were among the developments of the London meeting.

The meeting was intended to facilitate trade and investment, a memorandum of understanding between the Saudi British Joint Business Council and the United Kingdom as well as the institutional Investors to promote deal flow and knowledge exchange in the technology sector. The convergence also sought further action to support the development of Small and Medium-sized Enterprises (SMEs), including the third SME Partnership Forum of the Saudi British Joint Business Council, scheduled to take place in London on the 24th of April.

That particular event is aimed at bringing together innovative Saudi and British Small and Medium-sized Enterprises involved with spanning smart cities, cyber security, e-commerce and FinTech.

Support was also expressed for conferences to promote opportunities under Saudi Aramco’s In Kingdom Total Value Add (IKTVA) local content program in London as well as a conference to present opportunities under Saudi Arabia’s renewable energy program held on the 9th and 16th April respectively.

The unveiling of the SBJBC meeting was attended by the minister of commerce, Majed Al-Qasabi, minister of economy and planning Mohammed Al-Tuwaijri, and governor of SAGIA, Ibrahim Al-Omar who all updated members on current reforms.

Members showed their will power to build on Crown Prince Mohammed bin Salman’s visit to increase business to business cooperation in support of both the United Kingdom’s post Brexit trade relations and the Saudi Vision 2030 implementation.

The Saudi British Joint Business Council (SBJBC) is not for profit but a private sector membership association with over a hundred and fifty British and Saudi members dedicated to the development of business relations between the United Kingdom and Saudi Arabia at all levels.

Leave a Reply

Your email address will not be published. Required fields are marked *