Oliver Dowden, the Deputy Prime Minister, spearheaded the most significant British trade delegation in a decade at the Great Futures event in Riyadh, Saudi Arabia.
The event commenced with a remarkable performance of “Scotland the Brave” by the Royal Regiment of Scotland, harmoniously accompanied by a local flute and drum group, setting a unique and distinguished tone for the conference.
In his address, Dowden opened with a humorous nod to the buzz surrounding Tyson Fury’s boxing match in Riyadh, drawing a parallel to the high stakes involved in the business deals under discussion. “Well, I know that there is huge excitement about a British big hitter coming to Riyadh this week with people flying in from around the world to see him and billions of pounds on the line,” he quipped. “But that’s enough about me.”
Moving beyond the light-hearted remarks, Dowden’s presence highlighted the substantial economic opportunities available for UK businesses in Saudi Arabia. The kingdom is channeling trillions into projects aimed at diversifying its economy away from oil, including the ambitious Red Sea tourist resorts and the futuristic city of Neom, part of its Vision 2030 programme which aims to implement extensive social and economic reforms.
The UK’s services sector, a significant component of British exports to Saudi Arabia, is well-positioned for growth as the kingdom seeks to attract company headquarters, law firms, schools, and universities. Notably, ten British schools are slated to open in Saudi Arabia by 2030, and the University of Strathclyde in Glasgow is establishing a presence in Riyadh.
Lord Johnson of Lainston, Minister of State for Trade, expressed optimism about the openness of the Saudi market, underscoring opportunities across multiple sectors. He highlighted that the UK is annually training 5,000 Saudi hospitality staff and discussed the potential for establishing hospitality training clusters in the northeast of England. Johnson also emphasised the burgeoning educational exchange, with the number of Saudi students in the UK doubling, thus strengthening cultural and economic ties.
Reflecting on his career, Johnson suggested that Saudi Arabia now offers greater opportunities than traditional hubs like Hong Kong, particularly in sectors such as insurance and financial services, where the City of London can play a pivotal role.
Despite the promising outlook, the path to doing business in Saudi Arabia is not without challenges. Companies must navigate bureaucratic obstacles and conflicting objectives among ministries. Additionally, the kingdom’s human rights record, including crackdowns on dissidents, continues to attract criticism. However, Johnson believes in engaging with Saudi Arabia to harness its rapid changes and vast economic potential.
Saudi Crown Prince Mohammed bin Salman, popular among the kingdom’s youth for his social and economic reforms, remains a controversial figure due to human rights concerns. Nevertheless, Johnson maintains that engaging with the evolving kingdom is a pragmatic and economically advantageous strategy for the UK.
As UK businesses seek to establish new partnerships and secure significant deals, the Great Futures event in Riyadh underscores both the opportunities and challenges of expanding into the swiftly transforming Saudi market.