He also said Britain was planning to send two business delegations toward the end of this month to explore opportunities in airport and railway development.
Lord Green wrapped up his three-day visit to the Kingdom Wednesday evening after holding talks with several senior Saudi officials including Commerce and Industry Minister Abdullah Zainal Alireza.
Lord Green said he was encouraged by the talks he held with Saudi officials and businessmen.
Lord Green’s visit coincided with the visit of Prince Andrew, the Duke of York, who is also in the Kingdom with an aim to reinforce bilateral relations.
Britain, according to Lord Green, has an interest in participating in airport development projects with its world-class expertise and experience.
He said a trade mission would start its week-long visit to Saudi Arabia and Kuwait on Sept. 30 to discuss airport projects.
There are a number of airport-related opportunities and expansion plans in both Saudi Arabia and Kuwait, said the minister, adding that this UK Trade and Investment mission aims to capitalize on the numerous opportunities emerging from both markets.
The minister, who was also elected vice chairman of the International Chamber of Commerce last year, pointed out that a railways trade mission would arrive in the Kingdom on Oct. 1.
“The UK’s Railway Industry Association (RIA) is arranging this mission offering UK suppliers an opportunity to visit the Kingdom and meet people seeking sub-contract partners for some massive projects,” he added.
Lord Green said his business talks with senior officials of the Jeddah Chamber of Commerce and Industry, Saudi Telecom, Maaden and Saudi aviation officials have been “very fruitful.”
He said the Kingdom’s commerce and industry minister would visit London this week. The Saudi minister is the keynote speaker at a seminar in London.
Lord Green hopes his visit would pave the way for closer cooperation in the oil and gas sector, air transport, health care, financial services, vocational training and infrastructure development.
The two countries have “enormous potential,” said Lord Green, while referring to the need to “encourage and inspire young Saudis to develop the right skills to play a role in enabling our businesses to thrive.”
The minister said Britain and Saudi Arabia are also keen on working together to promote the Kingdom’s small and medium enterprises.
On the investment front, the UK is the second largest cumulative foreign investor in Saudi Arabia after the US. There are about 200 joint ventures with a total investment estimated at around $17.5 billion.
He also highlighted the growing commercial partnership between the two countries in several key sectors.
