Saudi Arabia aims to boost trade with UK and invite companies to set up HQs

Sectors in focus include financial services, health care, chemicals, hospitality and consumer goods

Saudi Minister of Investment Khalid Al-Falih meets UK Minister of Investment Lord Gerry Grimstone in the UK on August 27.

Saudi Arabia plans to bolster trade ties with the UK and encourage British companies to open regional headquarters in the kingdom.

Saudi Investment Minister Khalid Al-Falih visited the UK on Thursday, aiming to boost bilateral trade in areas including financial services, health care, chemicals, hospitality and consumer goods.

Mr Al-Falih met Prince Khalid Bin Bandar Bin Sultan, the kingdom's ambassador to the UK, before meeting his British counterpart Lord Gerry Grimstone, the Secretary of State at the Department of Business, Energy and Industrial Strategy, Kwasi Kwarteng, and the Prime Minister's Special Representative for Education, Sir Steve Smith.

“I met with Lord Gerry Grimstone, UK Minister of Investment, who praised recent developments in Saudi Arabia’s investment environment. We discussed bilateral investment opportunities for Saudi & UK companies. I commend his contribution to our strategic partnership,” Mr Al-Falih said on Twitter.

Saudi Arabia aims to double its investments in the UK's healthcare sector, Mr Al-Falih said. Health is one the most prominent fields of partnership between the two countries.

With more than 600 British companies in Saudi Arabia, the kingdom aims to benefit from British expertise in education, finance, supply chains in the health sector, advanced technologies and human resource development, Mr Al-Falih said.

He also spoke about Saudi Vision 2030 and its goals.

“We are keen for our friends in the UK to be fully acquainted with the available opportunities and the major developments that the investment environment witnessed in Saudi Arabia,” Al-Falih said. “We want their partnership to continue with us, while we are building a prominent investment stage of our national development process.”