Speaking to the Saudi Press Agency at the conclusion of his official visit to the UK, Al-Rabiah said the British government has shown interest in boosting commercial and economic cooperation between the two countries.

"The United Kingdom is the third largest investor in Saudi Arabia. Many British companies are operating in the Kingdom, especially in industrial and service sectors," the minister said.

Speaking about his talks with British officials, Al-Rabiah said: "We discussed prospects of cooperation in developing the Kingdom's trade regulations in order to take Saudi trade laws to new horizons."

Al-Rabiah said such an overhaul of regulations was required to promote investment, protect consumers and achieve justice.

"The UK officials whom I met in London have expressed their enthusiasm to promote trade, economic and financial cooperation and remove all obstacles facing our efforts to increase trade exchange," he said. They have also pledged support to develop the Kingdom's small and medium enterprises (SMEs).

Referring to his visit to Tech City, Al-Rabiah said it gave an opportunity to see British experiments in strengthening technological firms and encouraging business pioneers. "We in the Kingdom attempt to do the same through Badir program."

Tech City, located east of London, is home to technology, digital and creative companies. It offers opportunities for innovative businesses of all sizes, from start-ups to multinationals, from UK, Europe and beyond.

The Tech City Investment Organization is dedicated to driving investment to the area. They are on hand to share with you their know-how, giving practical support and networking advice to help your company succeed.

"Whether you are a budding entrepreneur, an established blue-chip firm or someone looking to develop their career, Tech City offers a range of opportunities," said a statement on its website.

Lord Mayor David Wootton, meanwhile, emphasized prospects of expanding economic cooperation between the two countries.

Speaking to SPA after talks with Al-Rabiah, he said the Saudi figures are high not only in the oil and gas sector but also in the industrial sector.

"British companies have the expertise that could be made use of to develop the Saudi economy," he said.

"The two countries know each other and there is good understanding between them. This is very important to strengthen relations," the mayor said.