London: The fifth meeting of the Economic and Social Pillar of the Saudi-UK Strategic Partnership Council was held in London, co-chaired by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and UK Prime Minister Sir Keir Starmer.
According to Saudi Press Agency, the meeting was chaired by Minister of Commerce Dr. Majid Al-Kassabi and his British counterpart Jonathan Reynolds. Both leaders praised the achievements made through innovation and private sector empowerment, aligning with Saudi Vision 2030 and the British Industrial Strategy.
During the meeting, discussions focused on the GREAT FUTURES initiative, launched in Riyadh last year, which aims to enhance bilateral cooperation across 13 economic sectors. The ministers reaffirmed their commitment to shared interests and sustainable growth, noting significant progress in the initiative.
A joint statement was issued, outlining the goals of the Saudi-UK Strategic Partnership Council, established in March 2018. The council is structured into two pillars: defense, security, and political; and economic and social. The Economic and Social Pillar is co-chaired by Dr. Majid Al-Kassabi and UK Secretary of State for Business and Trade Jonathan Reynolds.
The GREAT FUTURES campaign, an economic and social initiative of the council, serves as a catalyst for promoting shared economic priorities and advancing strategic initiatives. Since its launch, the campaign has facilitated a series of events across 13 sectors, resulting in significant investment deals and job creation in both countries.
During the summit, the co-chairs expressed pride in the progress made since the initiative's launch. They announced a new Saudi-UK Strategic Partnership, leveraging synergies between the UK's Industrial Strategy and Saudi Vision 2030 to enhance collaboration in priority sectors.
The partnership focuses on five strategic areas: financial connectivity, life sciences and health tech, industrial growth, creative industries, and innovation in education. The Economic and Social Pillar has already succeeded in transforming plans into tangible outcomes, with achievements in trade, investment, education, healthcare, and more.
In trade and investment, bilateral trade exceeded £16 billion in 2024, with a goal of £30 billion by 2030. Notable progress has been made in free trade agreement negotiations between the UK and the Gulf Cooperation Council. Major Saudi investments in the UK and the establishment of British companies' regional headquarters in Saudi Arabia were also highlighted.
In education and healthcare, the licensing of British schools and universities in Saudi Arabia was commended, along with the establishment of the first UK nursing college in the Kingdom. The Saudi-UK Future Skills initiative has resulted in agreements to bridge future skills gaps and enhance healthcare transformation.
In energy, industry, transport, mining, and environment sectors, pioneering projects in clean energy and hydrogen were noted, along with agreements in mining and transportation. Environmental cooperation was advanced through joint projects in marine protection and climate change.
In culture, sports, and tourism, the importance of cultural cooperation was emphasized, with significant growth in tourism between the two countries. The partnership in sports aims to enhance infrastructure and programs, preparing Saudi Arabia to host major events with British expertise.
Both sides praised GREAT FUTURES as a platform for aligning perspectives and fostering partnerships, highlighting successful projects and exploring future cooperation opportunities.