A focus of the visit is the intention to expand the involvement of Small and Medium Enterprises (SMEs) in the British economy and will seek to increase their role in global trade and investment.
The delegation, led by Lord Marland, Minister for Climate Change and Chairman of the UK Trade and Investment Business Ambassadors Network includes Lord Sassoon, Commercial Secretary to the Treasury; and Baroness Elizabeth Symons, Chair of the Arab British Chamber of Commerce and Co-Chair of the Saudi-British Joint Business Council (SBJBC).
On the announcement of his appointment to his role in UKTI, Lord Marland said that SMEs were at the heart of the UK economy and that the current government had made it clear just how important they believe they were to the recovery.
“The UKTI Strategy renews our commitment to them and to helping companies export and expand their businesses. I look forward to learning more about the innovative companies that we have here in the UK and what they have to offer the world.”
The visit will build on the continuing and expanding business relationship between the United Kingdom and Saudi Arabia following the meeting of the Saudi-British Joint Business Council in June, and the successful visit of The Duke of York and Lord Green, minister of Trade and Investment in September.
The delegation will be received by a number of senior Saudi ministers and officials and will focus on increasing cooperation between UK and Saudi institutions in the financial services sector, and promoting two-way trade and investment.
It follows the visit by Finance Minister Ibrahim Al-Assaf to London in October and the successful Saudi Finance Forum organized by the Arab-British Chamber of Commerce that highlighted potential investment opportunities available to UK businesses in the fast diversifying Saudi economy.
The visitors will also discuss plans for the next Saudi-British Joint Business Council meeting in London in February, and fast expanding UK/Saudi links and institutional partnerships in key sectors of the Saudi economy including education and training, energy and infrastructure.
Two-way trade in goods and services between the UK and Saudi Arabia exceeded $9 billion in 2010, and the UK is the second largest investor in Saudi Arabia in terms of investment stock.
