British investments in Saudi Arabia stand at $15bn

British investments in Saudi Arabia are estimated at $15 billion, with an expected steady growth in coming years. (File photo: Reuters)

British investments in Saudi Arabia are estimated to amount to about 63 billion riyals ($15 billion), with steady growth expected in the coming years, an UK investment official told Aleqtisadiah newspaper.

Around 6,000 british companies export their products to Saudi Arabia, making the kingdom the UK’s largest commercial partner in the Middle East, Chris Innes-Hopkins, director of the UK Trade and Investment body in Saudi Arabia, told the newspaper.

There are around 200 joint projects between both countries, with Saudi investments in the UK mainly focusing on commercial and residential real estate. For its part, the UK is “seeking to attract investments in the sectors of infrastructure, rebuilding cities, and modern technologies,” added Hopkins.

Britain and Saudi Arabia are now looking into new investment projects in “education and healthcare,” and the expert cited the increasing interest of British companies in the “Saudi retail market.”

Despite the large investment in dollar figures, members of the Saudi International Trade Commission (ITC) believe that the volume of trade between the two does not meet the aspirations of businesses in both countries, reported Saudi Arabia’s Arab News on Tuesday.

ICT members discussed the matter with members of British parliament recently, in a bid to overcome obstacles to increased bilateral trade and investment between both countries.

Last Update: Wednesday, 20 May 2020 KSA 13:52 - GMT 10:52