JEDDAH: A new Saudi-UK joint venture announced Wednesday is aimed at further expanding the flourishing bilateral trade and investment. The venture formed between Saudi-based Development & Tech Investment Group (DTI) and UK-based Trans Arabian Consultancy Ltd. (TAC) formally took shape at a signing ceremony between the two companies hosted by British Consul General Kate Rudd at the consulate.
“The new venture, Trans Arabian Consultancy Middle East, with its offices in Jeddah and Dubai, will work toward expanding trade between Saudi Arabia and Britain and also facilitate investments of about 100 million euros in the next few years,” TAC Director Phil Broek said. He added that the new company will be a catalyst in enhancing trade links between the business communities of Saudi Arabia, the rest of the Middle East, Britain and the rest of Europe, and actively pursue and expand business and investment interests in all sectors of industry, from oil and gas to every other trade and industry.
“Especially promising is the training sector, which is well entrenched in the UK with world-class institutions, and which is in great demand in Saudi Arabia,” he added.
“Trade between the two countries continues to increase year on year and our new partnership with offices in Jeddah and Dubai will enhance our ability to bring innovative British companies to Saudi Arabia and the wider Middle East region,” Broek added.
“We are very excited by this new joint venture with TAC. It will enable our group to build high quality trading partnerships with British companies and further the cooperation between our two kingdoms,” Hussam Khashogji, former deputy minister for Haj and owner and CEO of DTI Group, said. “All of our investments will be mobilized within the framework and guidelines of Saudi Arabian General Investment Authority.” He said the world economic slowdown did not affect the Kingdom because of its sound economic policy. “Our bilateral relationship has become stronger year by year and the new venture will only help in giving a boost to it.”
The consul general, who oversaw the singing by the two companies, said the UK was Saudi Arabia’s second largest foreign investor, the first being the United States. “The bilateral relations have remained strong even after the 9/11 event in 2001 and the recent world economic downfall, she said, adding that Saudi Arabia is the UK’s largest trading partner in the Middle East and second largest export market in the region, after the UAE. She also spoke about the British missions related to the airport and water sectors that are visiting the Kingdom in due course.
Saudi Arabia’s fast-growing economy is creating opportunities for both exporters and investors.
These are further boosted by moves to diversify the economy away from dependence on oil and gas, by economic reform programs and market liberalization, and by an emerging and growing private sector, the TAC team, which also included Director Sam Faulkner, said. British businessmen see opportunities at all levels in Saudi Arabia including oil, gas and petrochemicals, power, water, and financial services. Besides, opportunities also exist in vocational, technical and business education, construction including mass transport infrastructure, environmental technology and services, ICT and consumer goods and services.
