The GREAT Futures Initiative Conference is set to begin on Tuesday in the King Abdullah Financial District (KAFD), with the mission of enhancing economic relations between Saudi Arabia and the United Kingdom.
British Ambassador to Saudi Arabia Neil Crompton announced, “Today, the largest UK business delegation in over a decade lands in Riyadh for GREAT Futures, with over 400 delegates from the UK traveling to Saudi Arabia, 70 percent of whom have never visited the Kingdom.”
Over the next two days, senior leaders from both nations will forge partnerships across various sectors, from cultural institutions to cutting-edge technologies. “These partnerships build on existing bonds in the fields of security and energy. The UK is committed to playing its part in the transformational Vision 2030,” Crompton stated.
The GREAT Futures Initiative Conference is a collaborative project organized by the UK government’s GREAT Britain and Northern Ireland campaign in partnership with the Saudi government. It forms part of the Saudi-British Strategic Partnership Council, co-chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak. British Deputy Prime Minister Oliver Dowden will represent the UK at the conference.
“The GREAT Futures Initiative Conference is an important opportunity to build partnerships between the business sectors of both countries, keeping pace with the future, innovation, and creativity,” Dowden said. “It also allows British companies to familiarize themselves with relevant business regulations, incentives, and advantages for conducting business in Saudi Arabia.”
The conference will host 800 participants from the public and private sectors of both nations. In a video posted on social media, Ambassador Crompton emphasized the significance of the event, marking a major occasion in the British calendar that takes place biennially in different global cities. “This year, we chose to hold it in Riyadh due to the widespread British interest in the positive changes and opportunities, which came as a result of the success of Vision 2030,” he explained.
The embassy will host a British delegation comprising representatives from 400 companies, under the patronage of the British Deputy Prime Minister. Crompton expressed his eagerness to meet athletes, artists, celebrities, and entrepreneurs from both countries, thanking Saudi partners for their cooperation.
Spanning May 14 to May 15, the conference will feature 47 sessions and workshops with 127 speakers from various sectors. It aims to enhance cooperation and economic partnership in 13 areas, including tourism, culture, education, health, sports, investment, trade, and financial services. Agreements are expected to be signed in education and training, tourism, and real estate development.
The centrally located KAFD business district will host the conference in its 28,000 sq. m venue. Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Co., highlighted the significance of hosting the conference at KAFD, noting its role as a pivotal location for Saudi Arabia’s next phase of development.
Jennie Gubbins, chairperson of the Saudi British Joint Business Council, reported a 68 percent increase in bilateral trade between Saudi Arabia and the UK in 2023, amounting to $17 billion. This growth reflects the Kingdom’s economic diversification efforts and the development of other industries, primarily in the tech field.
The Saudi Ministry of Commerce will also participate in the conference, facilitating meetings between leaders from both countries’ business sectors. Accompanying events over the next 12 months aim to enhance partnerships in emerging fields.
The ministry aims to inform the British business sector about the economic reforms in Saudi Arabia designed to improve the business environment. The GREAT Futures Initiative also seeks to be a platform for exchanging qualitative experiences and learning about the latest practices across sectors.