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(British investments in The Kingdom of Saudi Arabia are estimated at $15 billion, with an expected steady growth in coming years. (File photo: Reuters))[/caption]British investments in The Kingdom of Saudi Arabia are estimated to amount to about 63 billion riyals ($15 billion), with steady growth expected in the coming years, an United Kingdom investment official told Aleqtisadiah newspaper.
Around 6,000 british companies export their products to The Kingdom of Saudi Arabia, making the kingdom the United Kingdom’s largest commercial partner in the Middle East, Chris Innes-Hopkins, director of the United Kingdom Trade and Investment body in The Kingdom of Saudi Arabia, told the newspaper.
There are around 200 joint projects between both countries, with Saudi investments in the United Kingdom mainly focusing on commercial and residential real estate.
For its part, the United Kingdom is “seeking to attract investments in the sectors of infrastructure, rebuilding cities, and modern technologies,” added Hopkins.
Britain and The Kingdom of 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 The Kingdom of 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.
(Staff Writer, Al Arabiya News)
(Al Arabiya News, 26 Wednesday February 2014 The Roman)
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