Partnering for prosperity: UK's industrial strategy and Saudi Vision 2030

Arab News

17 hours ago

https://arab.news/54xzq
The UK and Saudi Arabia stand at a pivotal moment in their bilateral relationship. As we witness the remarkable transformation underway across the Kingdom through Vision 2030, I am pleased to share how the UK's newly launched Modern Industrial Strategy creates an exceptional opportunity to further strengthen the partnership between the two nations.
This week, the UK government unveiled its comprehensive, 10-year industrial strategy, establishing a clear roadmap for economic growth focused on eight high-value sectors in which Britain has international competitive advantage.
This strategy represents our commitment to making the UK an even more attractive destination for international investment by creating a stable, open, and strategic business environment.
What makes this moment particularly exciting is how closely our industrial strategy aligns with Saudi Arabia's Vision 2030. Both national frameworks share remarkably similar objectives: economic diversification, technological innovation, human capability development, and the creation of environments that attract quality foreign investment. This alignment creates natural synergies that can accelerate mutual prosperity.
As partners in economic transformation, we recognize that prosperity requires a strategic approach. The global landscape has changed fundamentally in recent years, presenting new challenges, from supply chain disruptions to energy-security concerns. Yet within these challenges lie tremendous opportunities for collaboration on frontier industries in which both nations can excel together.
The eight growth-driving sectors of the Industrial Strategy that will power Britain's economic future are: advanced manufacturing, clean energy industries, creative industries, defense, digital and technologies, financial services, life sciences, and professional and business services. In each of these sectors, we see clear alignment with Vision 2030's priorities for economic diversification.
The Great Futures campaign, launched last year, has already proven to be an exceptional vehicle for delivering on this shared vision. We brought more than 450 business leaders to the Kingdom in May 2024 — the largest and most senior UK business delegation to visit any country in over a decade — and witnessed the immense appetite for partnership between our business communities. That event catalyzed partnerships worth more than £7.7 billion ($10.6 billion) and delivered more than 50 agreements across priority sectors.
Together, we can build a future of shared innovation, sustainable growth, and mutual success.
Neil Crompton
These are not merely commercial transactions; they represent transformative collaborations that advance the strategic interests of both nations. Take clean energy, for instance. UK firm HYCAP has partnered with leading Saudi companies to invest more than £750 million in hydrogen-powered transport, securing more than 1,000 jobs across both kingdoms.
Meanwhile, Carbon Clean's collaboration with Saudi Aramco on modular carbon capture technology is accelerating sustainable development.
In infrastructure development, British expertise is contributing significantly to projects that are reshaping the landscape of the Kingdom under Vision 2030. These include airports, aviation, rail transportation, and construction within Saudi giga-projects, with many more in the pipeline.
Financial services represent another area of exceptional synergy. London's position as a world-leading financial hub has created natural partnerships with Saudi institutions. The UK is the main location for Saudi companies and investors who want to issue green and Islamic bonds outside the Kingdom, while the London Stock Exchange has 100 percent of Saudi market share across corporate and sovereign banks.
Human capability development stands at the heart of both our strategies. The recent Great Futures UK-Saudi Skills Forum brought together our governments to accelerate their partnership on technical and vocational education. Working with Saudi ministries, the UK is identifying sustainable opportunities to develop the skills vital for the economy of tomorrow.
As we look ahead, the announcement of the UK-Saudi Sustainable Infrastructure Assembly marks an important next step in our partnership. This initiative will boost collaboration between the UK's financial and professional services sectors and Saudi Arabia's sustainable infrastructure developers, ensuring that British expertise can contribute effectively to Vision 2030 projects.
The Industrial Strategy has been international from the start, built on lessons learned from what works in other countries, and designed for the global context. This is evident in our diplomatic engagement approach, which prioritizes mutually beneficial partnerships rather than competition.
We seek to deepen economic collaboration with partners such as Saudi Arabia to increase reciprocal investment and trade, foster innovation, and bolster the resilience of supply chains critical to our frontier industries.
Later this year, Great Futures will mark a year of successful partnerships with a leadership summit in London. Bringing together senior UK and Saudi ministers, alongside representatives from key industries in both nations, this celebration will showcase the tangible achievements of our campaign while setting the agenda for future collaboration. I hope many Saudi business and government leaders will join us on this important occasion.
The relationship between the UK and Saudi Arabia has never been stronger, with bilateral trade exceeding £17 billion annually and more than 1,300 UK firms operating in the Kingdom.
But I believe the opportunities before us are even greater. By aligning the ambitions of the UK's Modern Industrial Strategy with Saudi Arabia's Vision 2030, we can create a model for international economic collaboration that delivers prosperity for both our nations.
Together, we can build a future of shared innovation, sustainable growth, and mutual success. The UK stands ready as your committed partner on this journey.