Saudi Arabia, UK set up sustainable infrastructure assembly to bolster trade
LONDON: Saudi Arabia and the UK on Sunday unveiled a new strategic partnership aimed at deepening collaboration between British financial and professional services firms and the Kingdom's sustainable infrastructure developers.
The deal was announced by the Saudi Ministry of Investment, UK Department for Business and Trade and City of London Corp.
Central to the agreement is the establishment of the UK-Saudi Sustainable Infrastructure Assembly, a platform that will bring together companies, policymakers and industry experts from the two countries to shape the future of investment in the sector.
The assembly will initially focus on projects such as the new Electric Vehicle Infrastructure Co., led by Saudi Arabia's Public Investment Fund, and the Prince Faisal Bin Fahad Sustainable Sports City project, spearheaded by the Kingdom's National Center for Privatization.
Set to launch next month in Riyadh, the assembly will also meet in London in June under the banner of the UK Government's 'Great Futures' campaign, which showcases cooperation across trade, investment, tourism, education and culture. A final meeting will take place during the Future Investment Initiative in Riyadh in the fall.
Among the Saudi members of the assembly are Deputy Assistant for Service Sectors at the Ministry of Investment Fahad Al-Hashem, and Hatim Alghamdi, Hisham Sumayli and Faisal Abdeen from the Ministry of Economy and Planning.
Sultan Al-Khalil, general manager of alternative funding at the National Debt Management Center, and Salman Badr, vice president of infrastructure advisory at the National Center for Privatization, will also take part.
The British side includes UK Export Finance CEO Tim Reid and Deputy Trade Commissioner for the Middle East Arabian Peninsula Peter Ashby.
As Saudi Arabia pursues a $1 trillion infrastructure development pipeline as part of Vision 2030, the assembly is set to help strengthen business ties between the two countries.
Saudi Minister of Investment Khalid Al-Falih said: 'Saudi Arabia is driving one of the most ambitious infrastructure transformations in the world, with approximately $1 trillion committed to projects that are not only reshaping our cities but also setting new global benchmarks for sustainability.
'Through Vision 2030, we are integrating cutting-edge technologies, green financing and world-class expertise to ensure that our infrastructure delivers long-term economic, social and environmental value.
'The City of London's leading global expertise and innovative approach to sustainable finance, infrastructure governance and public-private partnerships complement our own ambitions.
'Our long-standing partnership with the UK spans decades, making the City of London a natural partner in achieving our shared vision for a more sustainable and prosperous future,' he said.
UK Minister for Investment Poppy Gustafsson said the UK and Saudi Arabia shared a deep commitment to driving sustainable economic growth and attracting global investment into transformational infrastructure projects.
'These assemblies represent an opportunity to strengthen commercial ties between our two nations, ensuring that Saudi projects are well positioned to secure international capital and expertise through the UK.
'This landmark UK-Saudi collaboration exemplifies our 'Great Futures' campaign, fostering partnerships that will drive sustainable development and prosperity, with the UK as a trusted partner in Saudi Arabia's Vision 2030 journey.'
Lord Mayor of London Alastair King echoed the sentiment.
'This new partnership offers exciting opportunities for both countries,' he said.
'The UK's expertise in sustainable finance is in demand across the globe. We are world leaders because of our reputation for innovation, access to capital and world-class clusters of expertise.
'This assembly will identify new growth opportunities for Saudi infrastructure and will make it easier for UK firms to engage with Saudi Arabia's thriving market.'
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