Saudi-UK trade relationship 'better than ever' after 68pc growth

RIYADH, Nov 11 (Arab News): Bilateral trade between Saudi Arabia and the UK increased 68 per cent in the last year, amounting to $17 billion, according to the chairwoman of the Saudi British Joint Business Council.
Speaking to Arab News, Jennie Gubbins said this "phenomenal growth" is indicative of a relationship that is "better than ever" and constantly improving between the two Kingdoms.
The increase in trade cannot be attributed to the oil sector alone, the chairwoman instead, pointing to the effectiveness of the Kingdom's economic diversification efforts and the development of other industries, primarily in the tech field.
She said:"This is just a really exciting time. The relationship between Saudi Arabia and the UK, I think, is better than I've ever seen it, and I've been working between the UK and the Middle East for a long time."
Led by the council, the UK launched a fintech mission to Saudi Arabia where a delegation of 25 members flew to Riyadh to meet with their Saudi counterparts. The mission was deemed an "amazing success" by the chairwoman, as it shed light on the growing scene in Saudi Arabia.
The increase in trade cannot be attributed to the oil sector alone, the chairwoman said, pointing to the effectiveness of the Kingdom's economic diversification efforts and the development of other industries, primarily in the tech field.
As the Kingdom aims to become a hub in the region for fintech companies, UK firms have reported that being exposed to the Saudi market has been a "turbo charge" for their companies.
"People who don't know what's going on in Saudi Arabia think maybe it's oil stuff but it's all about - what we and our members are seeing - it's a huge growth in the technology (sector). Things like clean tech, fintech, health tech, huge interest in all of those things," Gubbins said.