Saudi Arabia, UK agree to increase bilateral trade to $37.5 billion by 2030

UK Prime Minister Keir Starmer’s held talks with Crown Prince Mohammed bin Salman at Al-Yamamah Palace in Riyadh. (SPA)
UK Prime Minister Keir Starmer’s held talks with Crown Prince Mohammed bin Salman at Al-Yamamah Palace in Riyadh. (SPA)
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Updated 13 December 2024
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Saudi Arabia, UK agree to increase bilateral trade to $37.5 billion by 2030

Saudi Arabia, UK agree to increase bilateral trade to $37.5 billion by 2030
  • Saudi Arabia and UK look to strengthen economic partnership
  • Two sides welcome “significant progress" on GCC-UK Free Trade Agreement

RIYADH: Saudi Arabia and the United Kingdom have emphasized the importance of strengthening their economic partnership, and reaffirmed their commitment to increase bilateral trade to £30 billion ($37.5 billion) by 2030, the Saudi Press Agency reported on Friday.

A joint statement issued following UK Prime Minister Keir Starmer’s visit to the Kingdom on Dec. 9, when he was received by Crown Prince Mohammed bin Salman at Al-Yamamah Palace in Riyadh, also stressed the importance of the role played by the Saudi-UK Strategic Partnership Council in enhancing cooperation between the two countries and reported that the next session of the council will hopefully be held when the two men next meet in the UK.

In Riyadh, the two sides reviewed the extensive progress made in “diversifying their relationship and in launching an ambitious program of cooperation to enhance mutual prosperity, strengthen shared security and tackle global challenges,” according to the SPA.

With Saudi Arabia’s Vision 2030 and the UK’s Industrial Strategy, both countries are investing heavily in industries that will “drive future global competitiveness, deliver jobs and prosperity for citizens, and deliver sustainable growth,” according to the statement.

The two sides also welcomed the “significant progress” that has been made on the GCC-UK Free Trade Agreement. Officials will continue negotiations to finalize the agreement as soon as possible, the statement said.

Both sides commended the growth of their mutual investment relationship, noting significant Saudi investments in the UK in 2024, including the Public Investment Fund’s investments in Selfridges and Heathrow Airport, as well as its additional investment in Newcastle United Football Club, further building the growing ties between North East England and Saudi Arabia. 

The UK remains one of the largest foreign investors in Saudi Arabia. Building on the success of its landmark $700 million Shariah-compliant financing facility in Qiddiya earlier this year, UK Export Finance has announced plans to increase its market exposure to $6bn.

The joint statement highlighted the existing cooperation between the two countries in the energy sector and the importance of enhancing cooperation in electricity and renewable energy, clean hydrogen and its applications. This will involve focusing on “the development of policies, regulations, and standards for clean hydrogen, clean-hydrogen business models, as well as capacity building as a key enabler for successful multilateral cooperation in the clean hydrogen sector.”

The two sides also stressed the importance of improving the reliability of global supply chains, particularly with the launch of Saudi Arabia’s Global Supply Chain Resilience Initiative securing supplies for various global supply chains in areas such as renewable energy, hydrogen production, green minerals, specialized petrochemicals, waste recycling, and electric vehicles. 

They also welcomed the Kingdom’s launch of five special economic zones, targeting strategic industries and sectors, and offering British companies the opportunity to benefit from the incentives offered in those zones.
Both sides expressed their hopes of developing “long-term strategic partnerships that serve mutual interests,” the SPA stated. They agreed to work together to establish a consortium for clean hydrogen between Saudi and British universities, led by Newcastle University and King Fahd University of Petroleum and Minerals.

The two sides underscored the importance of strengthening cooperation in the financial services sector — including banking, fintech, asset management, green finance, and insurance — and agreed to continue strengthening cooperation on critical minerals and mining to support responsible, diversified and resilient supply chains, including a partnership between the University of Exeter’s Cambourne School of Mines and the Saudi Mineral Innovation Acceleration Park. 

The UK reaffirmed its support for — and its planned high-level attendance at — the Saudi Future Minerals Forum, scheduled to take place in January.
The two sides “stressed the centrality of the UN Framework Convention on Climate Change and the Paris Agreement, acknowledging the outcomes of COP29 and the importance of working in a constructive spirit to achieve an ambitious and balanced result at COP30 next year,” the SPA reported. 

The UK welcomed Saudi Arabia’s ambition and leadership through its Saudi Green Initiative and Middle East Green Initiative and its presidency of the UN Convention to Combat Desertification (COP16).

Both sides “agreed on the importance of enhancing cultural cooperation across various cultural sectors under the framework of the Memorandum of Understanding signed between the two Kingdoms” and agreed “to exchange expertise on heritage and museums infrastructure, including through the launch of a new executive program to strengthen the UK’s engagement in Saudi Arabia’s development of AlUla.”

The two countries also welcomed plans to increase the number of UK-branded schools in Saudi Arabia to 10 by 2030, and to open branches of UK universities in Saudi Arabia to support the Kingdom’s ambition of creating “a knowledge-based economy driven by excellence in education.” 

In the health sector, the two sides committed to increasing collaboration to benefit patients in both countries, including through joint initiatives to support the training of nurses. There are ongoing discussions between UK universities and potential Saudi partners on the establishment of a nurse training college in the Kingdom. 

The two sides agreed collaborate on the promotion of sports, with a particular focus on the participation of women. 

Building on decades of bilateral defense and security cooperation, the two sides committed to “a more ambitious, future-facing strategic defense partnership.”

The joint statement also stressed the importance of strengthening cooperation in the field of humanitarian and relief work. Saudi Arabia and the UK reaffirmed their commitment to aligning efforts to achieve the 2030 Sustainable Development Goals and to holding an annual UK-Saudi Strategic Dialogue on Humanitarian Aid and International Development. They agreed to jointly fund projects worth $100 million, with a focus on urgent humanitarian assistance and development support.

The two sides highlighted the need for regional de-escalation and stressed the importance of adherence to international norms and the United Nations Charter, as well as reaffirming that the conflict in Gaza must come to an immediate end and hostages be released, in line with UN Security Council Resolutions 2720 (2023), 2728 (2024), and 2735 (2024). They also stressed the urgent need for Israel to protect civilians and civilian infrastructure to deliver aid to the Palestinian people, and to enable international and humanitarian organizations to do their work.

They also discussed how the UK and Saudi Arabia could work together to achieve a two-state solution that creates a lasting peace and allows Israelis and Palestinians to live side by side within secure and recognized borders. 

The two sides welcomed any steps to ensure the safety of the Syrian people and preserve the institutions and capabilities of the Syrian state.

Both Saudi Arabia and the UK stressed the importance of the ceasefire agreement in Lebanon, and a political settlement consistent with the principles of UN Security Council Resolution 1701.

-ENDS-


Arab talent shines as global stars hit Joy Awards’ lavender carpet 

Arab talent shines as global stars hit Joy Awards’ lavender carpet 
Updated 30 min 14 sec ago
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Arab talent shines as global stars hit Joy Awards’ lavender carpet 

Arab talent shines as global stars hit Joy Awards’ lavender carpet 
  • Joy Awards are Saudi Arabia’s largest event honoring the Arab world’s leading artists and their achievements
  • Winners were selected based on public voting through an application launched by the General Entertainment Authority

RIYADH: The inaugural Joy Awards honored Arab talent with musical performances that serenaded a star-studded guest list at Riyadh’s Kingdom Arena on Saturday.

The award show opened with a concert by Christina Aguilera, who performed “The Voice Within” and her hit song “Genie in a Bottle.”

Musical icons Mohammed Abdo and Andrea Bocelli performed together, blending Gulf and Italian sounds.

Lebanese singer Wael Kfoury and Canadian artist Michael Buble collaborated on a striking rendition of Frank Sinatra’s “My Way,” performed in both English and Arabic.

Amanda Seyfried, Morgan Freeman and Matthew McConaughey were among the international and local celebrities who showcased their dazzling ensembles on the ceremony’s iconic lavender carpet on Saturday.

As a tribute to her first visit to the Kingdom, US actress Kate Siegel attended the ceremony wearing a pearly white dress with black drapings by Saudi brand Abadia.

“I picked it because I wanted to represent Saudi Arabian designers and fashion, especially here in Riyadh, which is such an upcoming hot spot for Saudi Arabian fashion,” she said.

Lebanese actress Nawal Kamel arrived in a black and silver studded gown designed by her go-to Lebanese fashion designer, Joelle Nemnum.

“I can’t believe I’m here. I’m very excited to meet the (Saudi) people up close. I know many people from Lebanon but being here and seeing the locals, who are so different and incredible, is amazing. They (Saudis) are so kind and welcoming — they truly lift you up and take care of you. I’m so grateful to be here and to witness the Joy Awards,” she said.

Held at the Kingdom Arena, the Joy Awards are Saudi Arabia’s largest event recognizing and honoring the Arab world’s leading artists and their achievements. The event is part of Riyadh Season and is co-organized by MBC Group.

The winners were selected based on public voting through an application launched by the General Entertainment Authority. The list included candidates across various categories. The nominees were carefully chosen by specialized committees based on their efforts and achievements over the past year.
 


Saudi fashion startups award reaches final stage

Saudi fashion startups award reaches final stage
Updated 18 January 2025
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Saudi fashion startups award reaches final stage

Saudi fashion startups award reaches final stage
  • Fashion Commission CEO Burak Cakmak said that sustainability was central to the commission’s vision for the future of the industry

RIYADH: The Fashion Commission and luxury group Kering have launched the selection process for the winners of the Kering Generation Award X Saudi Arabia.

The initiative aims to support innovative startups making a significant impact on the fashion industry, the Saudi Press Agency reported.

The application process began in November 2024, inviting startups to submit applications and promote sustainability. More than 100 startups applied, with 20 selected to participate in a three-day training camp in Riyadh.

The program featured workshops focused on key performance indicators, goal setting and pitching skills, SPA reported.

On Jan. 14, the shortlist of 20 startups gathered in Riyadh for the final presentation, where each applicant was evaluated on customer engagement, circular economy and water protection.

Following the presentations, the evaluation process began to select the top 10 proposals, which will be assessed by the jury based on innovation, relevance, fashion connection, and potential impact on nature and society.

The awards ceremony will take place on Jan. 27 in Riyadh, where the top three winning startups will be announced.

Winners will have the opportunity to travel to Paris for exclusive mentoring with Kering’s sustainability teams and present their innovations at the ChangeNOW 2025 summit.

Fashion Commission CEO Burak Cakmak said that sustainability was central to the commission’s vision for the future of the industry.

He added that the award aimed to showcase and support startups driving innovation in circular fashion and environmental stewardship.

Cakmak emphasized the commission’s commitment to advancing solutions that address current challenges and pave the way for a sustainable future in fashion.

 


Jazan festival showcases region’s rich heritage

Erth Village, a highlight of the festival, is showcasing traditional handicrafts, games and clothing. (SPA)
Erth Village, a highlight of the festival, is showcasing traditional handicrafts, games and clothing. (SPA)
Updated 18 January 2025
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Jazan festival showcases region’s rich heritage

Erth Village, a highlight of the festival, is showcasing traditional handicrafts, games and clothing. (SPA)
  • Visitors can learn about heritage professions in the craftsmen’s corner, including leather tanning, pottery, weaving, ornament making, sewing and embroidery

RIYADH: The Jazan Winter Festival has attracted a large number of visitors with a variety of heritage events, according to the Saudi Press Agency.

The festival plays a key role in boosting regional tourism, drawing guests from within the Kingdom and beyond.

Erth Village, a highlight of the festival, is showcasing traditional handicrafts, games and clothing, the SPA reported.

Visitors can learn about heritage professions in the craftsmen’s corner, including leather tanning, pottery, weaving, ornament making, sewing and embroidery.

The scheme stimulates the local economy and highlights the region’s culture through captivating performances and folk dances, the SPA added.

Local perfumes and herbs are on display, highlighting the area’s rich heritage. Food enthusiasts can try traditional dishes that showcase local ingredients and culinary traditions.

Spanning three months, the event features 300 activities across 42 sites in Jazan and its governorates. The festival’s activities also include art exhibitions, plays and poetry gatherings.

 


Saudi ambassador meets Mauritian minister in Port Louis

Mohammed Reza Cassam Uteem (R) receives Fayez bin Meshal Al-Temyat in Port Louis. (Supplied)
Mohammed Reza Cassam Uteem (R) receives Fayez bin Meshal Al-Temyat in Port Louis. (Supplied)
Updated 18 January 2025
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Saudi ambassador meets Mauritian minister in Port Louis

Mohammed Reza Cassam Uteem (R) receives Fayez bin Meshal Al-Temyat in Port Louis. (Supplied)
  • They discussed way to enhance bilateral relations as well as other topics of mutual interest

PORT LOUIS: Saudi Ambassador to Mauritius Fayez bin Meshal Al-Temyat recently met Mauritian Minister of Labour and Industrial Relations Mohammed Reza Cassam Uteem, the Saudi Embassy wrote on X on Saturday.

During the meeting, they discussed way to enhance bilateral relations as well as other topics of mutual interest.

Meanwhile, officials at the Digital Cooperation Organization received Austrian Ambassador to the Kingdom Oskar Wustinger and a delegation from Austria’s Ministry of Finance, the Agency for Economic Cooperation and Development, and other institutions, the organization wrote on X on Saturday.

 


Saudi customs tackle 2,124 smuggling cases in single week

Saudi customs tackle 2,124 smuggling cases in single week
Updated 18 January 2025
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Saudi customs tackle 2,124 smuggling cases in single week

Saudi customs tackle 2,124 smuggling cases in single week
  • The crackdown included more than 350 cases linked to prohibited substances

RIYADH: Customs officials at land, air, and sea ports across the Kingdom were involved in 2,124 seizures of prohibited items in a single week, the Zakat, Tax and Customs Authority reported.
The figure reflected the authority’s commitment to protecting society from smuggling and illegal activities, the Saudi Press Agency reported on Saturday.
The crackdown included more than 350 cases linked to prohibited substances, of which 98 involved narcotics such as hashish, cocaine, heroin, shabu and captagon pills.
The authorities also thwarted more than 1,745 attempts to smuggle tobacco and its derivatives, 22 cases involving money and three cases involving weapons and related accessories.
The authority urged the public to report any information regarding smuggling by calling 1910, the international number 009661910 or by emailing [email protected]. Financial rewards are offered for accurate information.