North East England anticipates a significant economic upturn with a pledged investment of £3 billion ($3.7 billion) from Saudi Arabia, as underscored by the British deputy prime minister. Oliver Dowden, during the opening of the two-day GREAT Futures Initiative Conference in Riyadh, unveiled projections indicating that this infusion of capital is poised to sustain approximately 2,000 jobs in the region. Dowden’s remarks, following virtual addresses from UK Prime Minister Rishi Sunak and Saudi Crown Prince Mohammed bin Salman, emphasized the collaborative spirit driving mutual prosperity, marking the launch of a year-long campaign spotlighting British expertise and capabilities aligned with Saudi Arabia’s Vision 2030.
The conference, boasting a UK business delegation exceeding 450 members, represents the largest turnout in over a decade. Noteworthy among the event’s highlights is a fireside chat between Dowden and Saudi Commerce Minister Majid Al-Qasabi. Dowden’s optimistic outlook on UK-Saudi relations and the unveiling of plans for Saudi companies’ capital raise in London’s markets, along with the expansion of the UK’s Office for Investment in the Gulf, signal a burgeoning partnership aimed at fostering investment flows and addressing barriers, as both nations renew their commitment to further investment and cultural exchange.