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Saudi Arabia and the UK set $38bn trade target, outline plans for investment, education, health and more

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"The United Kingdom continues to be one of the largest foreign investors in Saudi Arabia. Building on the success of its landmark approx. $700m Shariah-compliant financing facility in Qiddiya earlier this year, UK Export Finance announced plans to increase its market exposure to $6bn.
Saudi Arabia and the UK have set an ambitious trade target of $38 billion over the next five years, as outlined in a strategic partnership agreement. This deal, signed during a visit by Saudi Crown Prince Mohammed bin Salman to the UK, aims to deepen economic ties through various sectors including investment, education, health, and more. Key points include the establishment of a new UK-Saudi Strategic Investment Partnership, which will focus on sectors like technology, infrastructure, and renewable energy. Additionally, there are plans for educational exchanges, with Saudi students being encouraged to study in the UK, and collaborations in health, particularly in research and development. The agreement also touches on defense, with continued cooperation in military and security sectors, and cultural exchanges to foster mutual understanding. This partnership is part of Saudi Arabia's Vision 2030, aiming to diversify its economy away from oil dependency.

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[ https://www.arabianbusiness.com/politics-economics/saudi-arabia-and-the-uk-set-38bn-trade-target-outline-plans-for-investment-education-health-and-more ]